Billionaire Accused of Sneaking Assets Out of U.S. Prior to Divorce
Some people seek a completely new start when they divorce their spouse. There are many different ways to do this. One billionaire moved halfway around the world when his marriage ended, but his wife suspects that he didn’t make that major life change for emotional reasons.
As the founder of Zoho, a business software company, Sridhar Vembu built a fortune estimated at $5 billion by Forbes and lived in California with his wife, Pramila Srinivasan. She claims that Mr. Vembu sent her a WhatsApp note in 2020 stating that he wanted a divorce after being wed for 29 years. Though this is probably not the ideal way to close a decades-long relationship, that is not what is causing the most serious conflict in their divorce.
Ms. Srinivasan alleges that her husband prepared for the divorce by shifting business assets to his family members who reside in India. As a result, she says a large portion of the divisible marital estate was dissipated without her knowledge and apparently without any financial compensation. She claims this is a violation of California’s community property law, which states that both spouses own an equal share of all assets acquired during the time when the couple was married. However, at this point, Mr. Vembu’s family members own about 80 percent of Zoho, while his share is down to 5 percent.
If your marital property includes one or more significant business assets, you should be aware of the effect that fictitious transfers, the establishment of offshore accounts and other shady maneuvers can have on your financial well-being. Though the fact that your spouse wants to end your marriage might be a surprise to you, it’s possible that they have been taking steps for months or years to deprive you of what is rightfully yours. Unwinding complex financial transactions could require the assistance of forensic accountants and even private investigators. Finding an attorney who is familiar with the law on fraudulent transfers and the recovery of assets from other countries is essential.
At Bryan L. Salamone & Associates, P.C. on Long Island, we have extensive experience handling divorces involving business owners and international asset recovery. For a consultation with a knowledgeable New York attorney, please call 1.631.479.3839 or contact us online.