CHICAGO – Chicago businessman Raghuveer Nayak, 57, has been released on a $10 million bail after he was arrested June 20 on charges of 19 counts of federal fraud and tax evasion.
Nayak, who raised funds for Rep. Jesse Jackson, Jr. and former Illinois Governor Rod Blagojevich, has pleaded not guilty to all charges.
His attorney Thomas McQueen said the Indian American's bond was set so high because he was considered a flight risk because of his vast assets in India.
Nayak, the owner of 10 out-patient surgery centers in Illinois, allegedly provided bribes and kickbacks to physicians who would refer their patients to his clinics. Nayak allegedly made the payments in cash and then disguised the amount on his accounting books as “advertising expenses.”