California Man Sentenced in Gambling Embezzlement Case

Written by:
Published on:

Narsimha Raju Sagiraju, 28, was sentenced to five years in a Santa Clara County jail after embezzling more than $400,000 from former High School classmates as part of an elaborate gambling scheme.

Sagiraju, who plead no contest to three felony counts of security fraud and three felony counts of grand theft, persuaded former Cupertino High School classmates to invest money with him for a construction startup.  Instead Sagiraju gambled and lost the funds in Las Vegas and Monte Carlo casinos. 

After one of Sagiraju’s victims reported the fraud to the district attorney’s office in November 2014, prosecutors opened an investigation.  The scammer was eventually arrested in Las Vegas during last year’s Super Bowl weekend.

But the $400,000 turns out to have been just the tip of the iceberg as a former business partner accused Sagiraju of embezzling nearly $2 million from him.

- Jagajeet Chiba,  

Gambling News

Pragmatic Play Announces Acquisition of Extreme Live Gaming

Pragmatic Play Announces Acquisition of Extreme Live Gaming

Pragmatic Play announced its acquisition of Extreme Live Gaming from the Novomatic Group late last week.  Extreme Live Gaming is one of the premier live dealer casino platforms online today.

Chinese Seize $1.5 million Worth of Cryptocurrencies From FIFA World Cup Gambling

Police officials in China seized more than $1.5 million worth of cryptocurrencies tied to illegal gambling on the FIFA World Cup.

Apollon Cryptocurrency Focuses on Internet Gambling

Apollon Cryptocurrency Focuses on Internet Gambling

As the cryptocurrency and blockchain spaces continue to heat up and bring the world closer together, an exciting new virtual coin, Apollon Cryptocurrency (APO), focusing on online gambling is arising from Hong Kong, can report.

New Jersey Takes in $16.4 million in Bets First Two Weeks Since Launching Sports Books

Two casinos and a racetrack in New Jersey took in $16.4 million in sports bets during the first two weeks such wagers were legal in the state.

Charles Oakley Arrested in Vegas Over Gambling Mishap

Former NBA star Charles Oakley has been arrested in Las Vegas, TMZ has reported.  He is accused by the casino of cheating.