SANTA ANA, Calif. – The vice president of finance for Urban Decay was charged last month with grand theft and money laundering for transferring over $1 million from the company to his personal accounts through fictitious businesses.
Ranjeet Reddy Paladugu, 40, of Irvine, Calif., has been charged with the following two felony counts of grand theft and money laundering and faces 13 years and four months in state prison
Orange County District Attorney’s Office said in a statement that it found the following circumstances of the Case:
- At the time of the crime, Paladugu was employed as the vice president of finance for the cosmetics company Urban Decay in Newport Beach.
- Prior to July 17, 2017, the defendant is accused of creating fictitious business accounts at various banks with names similar to those of Urban Decay’s business partners to avoid detection.
- On July 17, 2017, Paladugu is accused of using his position at the company to authorize a $598,500 transfer from Urban Decay to one of his fictitious business accounts, then transferring the funds to his personal bank account.
- On Aug. 18, 2017, Paladugu is accused of authorizing a second $598,500 transaction from Urban Decay to a different fictitious company he created.
- Weeks later, Paladugu is accused of canceling the second transaction and wiring the money back to the Urban Decay account.
- A bank noticed the suspicious activity and alerted Urban Decay corporate security, who contacted the Newport Beach Police Department (NBPD).
- NBPD investigated this case and arrested Paladugu on Dec. 5, 2017.