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Parmjit “Paul” Parmar, 48, of Colts Neck, New Jersey; and Ravi Chivukula, 44, of Freehold, New Jersey; Two Indian-Americans among 3 charged in alleged $300 million investment fraud scheme

The former CEO, executive director, and CFO of a publicly traded health care services company were charged May 16, with allegedly orchestrating a widespread scheme to defraud investors and others out of hundreds of millions of dollars in connection with a merger transaction designed to convert the company into a private entity, Acting Assistant Attorney General John P. Cronan of the Justice Department’s Criminal Division and U.S. Attorney Craig Carpenito announced. Parmjit “Paul” Parmar, 48, of Colts Neck, New Jersey; and Ravi Chivukula, 44, of Freehold, New Jersey; as well as Sotirios “Sam” Zaharis, 51, of Weehawken, New Jersey, are charged by complaint with one count of conspiracy to commit securities fraud and one count of securities fraud. FBI special agents arrested Parmar May 16, near his home. afternoon before U.S. Magistrate Judge Leda Dunn Wettre in Newark, New Jersey federal court. Chivukula and Zaharis remain at large, according to a press release from the Justice Department.

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