Bank Employee Sentenced To 24 Months For Defrauding Her Employer Of $1.7 Million
Gangadai Rampersaud Azim, a long-time bank employee, was sentenced to 24 months in prison for orchestrating a 12-year fraud scheme that stole $1.7 million from her employer by falsifying loan records and routing hundreds of under-$10,000 wire transfers to co-conspirators who funneled funds to her personal accounts.
Gangadai Rampersaud Azim was sentenced to 24 months in prison for defrauding her employer, a Manhattan-based bank, of approximately $1.7 million between 2008 and 2021. She falsified bank records, misappropriated client loan payments, and created fraudulent new loans to conceal the theft, executing over 200 wire transfers under $10,000 to co-conspirators who returned portions of the funds to her personal accounts. Azim was ordered to pay $1,685,723.18 in restitution and forfeit $1,523,431.30 in criminal proceeds, and received three years of supervised release after pleading guilty to conspiracy to commit bank fraud.
Gangadai Rampersaud Azim, a long-time employee of a Manhattan-based bank, was sentenced to 24 months in prison for orchestrating a 12-year conspiracy to defraud her employer of approximately $1.7 million. Between August 2008 and January 2021, she systematically falsified the bank’s books by misappropriating client payments meant to satisfy loan obligations and then extending or fabricating loan maturity dates to conceal the theft. When those fraudulent extensions expired, she originated new fraudulent loans to pay off prior stolen obligations, creating a self-sustaining cycle of deception. To move the stolen funds, Azim caused over 200 wire transfers—each under $10,000—to be sent to co-conspirators and related companies, who then returned portions of the money to her personal accounts, thereby avoiding detection thresholds. She was convicted of conspiracy to commit bank fraud, pleaded guilty, and was ordered to pay $1,685,723.18 in restitution and forfeit $1,523,431.30 in criminal proceeds, in addition to three years of supervised release. The FBI’s New York Field Office investigated the case, which was prosecuted by the U.S. Attorney’s Office for the Southern District of New York’s Complex Frauds and Cybercrime Unit.
Extracted insights
- $1.70M $1.7 Million $1M–$10M
- $1.70M $1.7 million $1M–$10M
- $1.69M $1,685,723 $1M–$10M
- $1.52M $1,523,431 $1M–$10M
- $10K $10,000 $10K–$100K
- company bank-1's systems
- person damian williams
- person gangadai rampersaud azim
- person Katherine Polk Failla
- person katherine reilly
- Gangadai Rampersaud Azim sentenced to 24 months in prison
- Gangadai Rampersaud Azim defrauded Manhattan-based bank of approximately $1.7 million
- Gangadai Rampersaud Azim stole $1.7 million from Bank-1
- Gangadai Rampersaud Azim executed hundreds of wire transfers of Bank-1 funds between August 2008 and January 2021
- Gangadai Rampersaud Azim made false entries in Bank-1's systems
- Gangadai Rampersaud Azim ordered to pay $1,685,723.18 in restitution
- Gangadai Rampersaud Azim ordered to forfeit $1,523,431.30 in criminal proceeds
- Damian Williams announced sentencing of Gangadai Rampersaud Azim
- Katherine Polk Failla sentenced Gangadai Rampersaud Azim
- Katherine Reilly in charge of prosecution of Gangadai Rampersaud Azim
Press Release Bank Employee Sentenced To 24 Months For Defrauding Her Employer Of $1.7 Million Tuesday, March 15, 2022 Share FacebookLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. XLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. LinkedInLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. Email For Immediate Release U.S. Attorney's Office, Southern District of New York Damian Williams, the United States Attorney for the Southern District of New York, announced that GANGADAI RAMPERSAUD AZIM, a/k/a “Julie Azim,” was sentenced today to 24 months in prison for her role in a more than decade-long conspiracy to commit bank fraud, defrauding her employer, a Manhattan-based bank, by intentionally falsifying the bank’s books and records in order to misappropriate approximately $1.7 million. AZIM was sentenced by U.S. District Judge Katherine Polk Failla. According to the allegations in the Complaint, court filings, and statements made during public court proceedings: Between August 2008 and January 2021, AZIM, a long-time employee of a New York, New York-based bank (“Bank-1”), stole approximately $1.7 million from her employer. Over the course of approximately 12 years, AZIM executed hundreds of wire transfers of Bank-1 funds to co-conspirators and related companies, who then sent portions of the ill-gotten funds to AZIM’s personal bank account. In furtherance of her scheme to defraud Bank-1, AZIM repeatedly made false entries in Bank-1’s systems, misappropriating funds paid to Bank-1 by its clients to satisfy outstanding loan obligations and then extending the maturity dates of those loan obligations, making it appear as though the loan obligations had not yet been paid. When even the fraudulently extended maturity dates came due, AZIM originated new, fraudulent loans, to help conceal the scheme. AZIM utilized the proceeds of those fraudulent loans to satisfy the loans for which she had previously stolen the client payments. Over the course of approximately 12 years, between 2008 and 2020, AZIM caused approximately 200 improper wire transfers of Bank-1’s funds, each for an amount under $10,000, to be sent to third party accounts, including those of co-conspirators and related companies, which then returned portions of those funds to AZIM. In doing so, AZIM abused her position at Bank-1 and enriched herself at the expense of her employer. * * * In addition to the prison sentence, AZIM, 59, of Richmond Hill, New York, was sentenced to three years of supervised release and ordered to pay $1,685,723.18 in restitution and to forfeit $1,523,431.30 in criminal proceeds. Ms. Williams praised the outstanding investigative work of the New York Field Office of the Federal Bureau of Investigation in this case. The case is being prosecuted by the Office’s Complex Frauds and Cybercrime Unit. Assistant U.S. Attorney Katherine Reilly is in charge of the prosecution. Contact Nicholas Biase (212) 637-2600 Updated March 15, 2022 Component USAO - New York, Southern Press Release Number: 22-078
Press Release Bank Employee Sentenced To 24 Months For Defrauding Her Employer Of $1.7 Million Tuesday, March 15, 2022 Share FacebookLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. XLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. LinkedInLinks to other government and non-government sites will typically appear with the “external link” icon to indicate that you are leaving the Department of Justice website when you click the link. Email For Immediate Release U.S. Attorney's Office, Southern District of New York Damian Williams, the United States Attorney for the Southern District of New York, announced that GANGADAI RAMPERSAUD AZIM, a/k/a “Julie Azim,” was sentenced today to 24 months in prison for her role in a more than decade-long conspiracy to commit bank fraud, defrauding her employer, a Manhattan-based bank, by intentionally falsifying the bank’s books and records in order to misappropriate approximately $1.7 million. AZIM was sentenced by U.S. District Judge Katherine Polk Failla. According to the allegations in the Complaint, court filings, and statements made during public court proceedings: Between August 2008 and January 2021, AZIM, a long-time employee of a New York, New York-based bank (“Bank-1”), stole approximately $1.7 million from her employer. Over the course of approximately 12 years, AZIM executed hundreds of wire transfers of Bank-1 funds to co-conspirators and related companies, who then sent portions of the ill-gotten funds to AZIM’s personal bank account. In furtherance of her scheme to defraud Bank-1, AZIM repeatedly made false entries in Bank-1’s systems, misappropriating funds paid to Bank-1 by its clients to satisfy outstanding loan obligations and then extending the maturity dates of those loan obligations, making it appear as though the loan obligations had not yet been paid. When even the fraudulently extended maturity dates came due, AZIM originated new, fraudulent loans, to help conceal the scheme. AZIM utilized the proceeds of those fraudulent loans to satisfy the loans for which she had previously stolen the client payments. Over the course of approximately 12 years, between 2008 and 2020, AZIM caused approximately 200 improper wire transfers of Bank-1’s funds, each for an amount under $10,000, to be sent to third party accounts, including those of co-conspirators and related companies, which then returned portions of those funds to AZIM. In doing so, AZIM abused her position at Bank-1 and enriched herself at the expense of her employer. * * * In addition to the prison sentence, AZIM, 59, of Richmond Hill, New York, was sentenced to three years of supervised release and ordered to pay $1,685,723.18 in restitution and to forfeit $1,523,431.30 in criminal proceeds. Ms. Williams praised the outstanding investigative work of the New York Field Office of the Federal Bureau of Investigation in this case. The case is being prosecuted by the Office’s Complex Frauds and Cybercrime Unit. Assistant U.S. Attorney Katherine Reilly is in charge of the prosecution. Contact Nicholas Biase (212) 637-2600 Updated March 15, 2022 Component USAO - New York, Southern Press Release Number: 22-078