A private equity fund manager was recently indicted in a $54 million embezzlement scheme.

Iftikar Ali Ahmed, of Greenwich, Connecticut, was indicted in Boston on four counts of wire fraud and three counts of making false statements on his income tax returns. He was charged in a separate scheme in April 2015 and fled the county while on pretrial release.

The indictment alleges that between 2004 and April 2015, Ahmed embezzled from the firm for which he worked as a general partner and fund manager. The scheme consisted of submitting false invoices and setting up fraudulent bank accounts in the name of the company for which he worked and the companies in which his employer invested. The indictment also alleges that Ahmed used the proceeds to purchase a $9.6 million residence in Greenwich, Connecticut and a luxury condominium in New York for approximately $8.6 million.

Authorities also said that in November 2014, Ahmed advised his firm to invest $20 million in an international company, justifying the $2 million share price through fraudulent financial documents. He also reportedly recommended the firm to wire $2 million to another company and $18 million to an account that was falsely reported as the company’s bank account. The account actually belonged to Ahmed. He allegedly transferred the $18 million to his spouse to make personal purchases.

Ahmed faces up to 20 years in prison, three years of supervised release and a fine of $250,000 for each count of wire fraud. He also faces up to three years in prison, one year of supervised release and a fine of $1 million on each count of making false statements in income tax returns.