Popular cosmetic company “Urban Decay” has filed charges against their former vice president of finance, Ranjett Reddy Paladugu, after he was caught transferring a large sum of money from to illegitimate banking accounts.
Thursday, December 7, 2017, Paladugu was arrested by the Newport Beach Police and charged with felony counts of:
-  Grand Theft
- Money Laundering
Facing a MAXIMUM sentence of 13 years in 4 months in state prison!
Paladugu, 40, currently has a bail of $1.197 million dollars…..
According to BOTH reports, and the ‘circumstances of case’ form posted on UD’s facebook page:
“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 August 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 further report that Palagugu was arrested in the 800 block of W. 16th street without incident!
To date, except for the FB post, the company has yet to release an official statement. We’ll definitely keep you guys posted.
Check out the post below: