Former Tesla TSLA, +0.93% employee Salil Parulekar was charged Thursday by a federal grand jury of embezzling roughly $9.3 million from Elon Musk’s electric car company in 2016-2017, the Justice Department announced. The indictment comes as the result of an FBI inquiry into Parulekar, who allegedly engaged in a scheme that involved diverting payments, falsifying invoices, identity theft and impersonating an employee of one of Tesla’s suppliers, according to the U.S. Attorney’s Office for the Northern District of California. Parulekar allegedly diverted money owed to one Tesla supplier and caused it to be paid to another supplier, whose contract Tesla had already terminated. Tesla’s stock is up 12.8% year to date.
Have breaking news sent to your inbox. Subscribe to MarketWatch’s free Bulletin emails. Sign up here.