Reddy and Padma Allen owned a computer consulting firm that pulled in $450 million in city contracts since 2005. Earlier this month they walked away with $90 million of it.Their company, TechnoDyne, was named the number two minority owned firm by NJBiz, and Ernst & Young honored Padma Allen as last years entrepreneur of the year, according tro the New York Post.
Two weeks ago the couple were called to appear before a grand jury to face questions about kickbacks to get CityTime contracts, and money laundering. In response, the pair boarded a jet for India and haven’t been heard from since.
Manhattan U.S. Attorney Preet Bhara unsealed indictments against the couple yesterday and called the CityTime fraud, “one of the largest and most brazen frauds ever committed against the city.”
In the couples wake lay 200 former employees, dozens of indictments, and $38 million in 120 bank accounts for shell companies across three continents.
So far, Bhara’s team have identified $90 million that made it to the couples pockets before they fled.
Mayor Bloomberg is being petitioned to reform the city’s IT contract system.
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