A Fry’s VP was arrested last Friday for embezzling $65 million from the electronics retailer to fuel a gargantuan gambling lifestyle and feed his appetite for excess.
Ausaf Umar Siddiqui is accused by the IRS of concocting an incredibly profitable scheme in which he cut side deals with some of Fry’s suppliers, buying their goods at higher prices than they would normally get, and buying more of them than he normally would, in exchange for kickbacks of up to 31 percent of the total sales price.
An anonymous insider tip we received on Friday, December 19th but weren’t able to confirm gives a peek at what the arrest this looked like on-scene:
At Lunch time today, About 30 agents from the FBI and IRS rushed our Home office today. They arrested the Vice President of Fry’s, Omar Siddiqui. I believe it has nothing to do with the company, but you can never tell. They also seized his computer, shredders, and boxes of paperwork.