A physician from Lake Forest, Illinois, recently admitted to committing tax evasion by concealing assets and providing false information to the IRS regarding his capability to settle around $1.6 million in taxes.
What occurred?
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- From 2011 to 2017, Krishnaswami Sriram, MD, evaded payment of around $1.6 million owed to the IRS.
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- Dr. Sriram took several actions, including transferring the ownership, on paper only, of two rental properties to his children without their knowledge, while still collecting income from the properties.
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- He also transferred about $600,000 from U.S. accounts to India and submitted false documents to the IRS, omitting an investment account, Indian bank and investment accounts, and rental property ownership to evade taxes.
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- Additionally, between 2012 and 2022, Dr. Sriram falsely billed Medicare $136,980 for in-home visits on dates when patients were hospitalized or deceased.
What’s the next step?
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- Dr. Sriram is scheduled to be sentenced on June 10 and faces a maximum penalty of five years in prison.
