Rishi Shah and Shradha Agarwal, Indian-Americans, have been sentenced for committing a $1 billion fraud involving deception against Google and Goldman Sachs.

A US court has sentenced Rishi Shah, an Indian American businessman and former billionaire, to seven-and-a-half years in prison for orchestrating a $1 billion fraud scheme targeting several high-profile investors. Shah, 38, the former CEO of Outcome, a Chicago-based health tech firm, and his co-conspirator, Shradha Agarwal, 38, the former president of the company, were convicted in April 2023. Agarwal received a sentence of three years in a halfway house, while Brad Purdy, the former chief financial officer, was sentenced to two years and three months in prison.

Rishi Shah, the son of an Indian immigrant doctor, grew up in Oak Brook, a Chicago suburb. He studied at Harvard University and Northwestern University, where he met Agarwal. In 2006, they co-founded Context Media, which later acquired AccentHealth and was renamed Outcome Health. The company provided health ads to patients at doctors' offices across the US and sold ad slots on their devices to pharmaceutical companies. Shah eventually gained prominence in Democratic circles.

The fraud involved selling advertising inventory that the company did not own and under-delivering on ad campaigns while billing clients for full delivery. This scheme resulted in $45 million in over billed services between 2011 and 2017, according to court filings.