HOUSTON – A 45-year-old man who resides in Conroe has been taken into custody following the return of an indictment alleging he stole more than $484,000 from his former employer, announced U.S. Attorney Kenneth Magidson.
On Nov. 30, 2016, a grand jury returned a 12-count indictment under seal against Kiran Andhavarapu. The indictment was unsealed today upon his arrest by federal authorities. He is expected to make his initial appearance before U.S. Magistrate Judge Dena Palermo this morning.
The indictment alleges Andhavarapu executed a scheme to steal money from his employer, Weatherford, and its subsidiary, EProduction Solutions, L.L.C. Andhavarapu allegedly opened bank accounts in the name of “EProduction Solutions” and listed himself as the owner and sole proprietor of the business. According to the indictment, he then stole refund checks made out to and belonging to his employer and fraudulently deposited those checks in the accounts he had created.
The indictment alleges Andhavarapu stole a total of $484,873.95.
Each count of bank fraud carries a possible sentence of 30 years in federal prison, upon conviction.
The FBI conducted the investigation. Assistant U.S. Attorney Justin R. Martin is prosecuting the case.