NEW YORK - A former Pakistani-American top executive at a major electronics company, who was arrested in California December 19 on charges of allegedly embezzling more than $65 million to pay off his huge gambling debts in Las Vegas, now faces five lawsuits, according to American news media. Ausaf Umar Siddiqui, 43, is accused by the govts Internal Revenue Service (IRS) of concocting an incredibly profitable scheme in which he cut side deals with some of San Jose-based Frys Electronics suppliers, buying their goods at higher prices than they would normally get, and buying more of them than he normally would, in exchange for kickbacks of up to 31 per cent of the total sales price. Some media reports even called Siddiqui 'Mr. 30 per cent. He was Vice President of merchandising and operations at Frys Electronics. According to San Jose Mercury News, Siddiqui, the son of a Pakistani diplomat, was a computer salesman who rose through the ranks to help build Frys Electronics into a giant retailer over the last 20 years. Siddiqui, who was fired by Frys, is out of custody on $300,000 bond after pleading not guilty to the charges. Siddiqui, who made $225,000 a year, was described in the media reports as a compulsive gambler. Once he lost $8 million in a day. Court records indicate that the businessman gambled away as much as $167 million at casinos over the last decade. Yet even as he amassed huge IOUs (I Owe You, meaning acknowledgment of debt), casinos around the country continued to lend him millions more. Casinos vied with one another to lure the high-stakes gambler to their tables. They flew him to Las Vegas on private jets. They put him up free in opulent suites. He was good for their business. Siddiquis debts ultimately caught up with him, and he now stands accused of masterminding one of Californias biggest frauds, according to the reports. 'His case provides a view into the rarefied world of big-time gamblers and the lengths casinos go to attract them to their tables, one report said. 'He was playing about as high as you can get, Marcia Hartman, a former Las Vegas casino employee who said she saw Siddiqui in action. 'Thats what the casinos are looking for. They are going to give a big player, a whale, anything in the world he wants. From an ego point of view, he soaked it up. Siddiquis high-wire act began to unravel in October, according to one media report. A colleague went into his unoccupied office and found spreadsheets detailing millions of dollars in secret payments Siddiqui allegedly received from firms that sold products to Frys. The co-worker scooped them up and took them to the Internal Revenue Service, the report added. Two of the suits pit Frys Electronics against its former top executive. Three of the suits were filed by Frys vendors, who claim that the company isnt paying them for the equipment and gadgets they negotiated through Siddiqui. Frys spokesman Manuel Valerio said in a statement that each of the 'papers filed in these actions are very detailed and self-explanatory and we do not think it is appropriate to comment in any more detail at this time given the pending litigation. IRS agents allege Siddiqui shook down vendors, extracting huge commission fees to market their goods prominently at Frys, and funneled that commission money into his own 'shell company he named PC International. Siddiqui then paid various casinos with large chunks of that money. Lawsuits around the country show casinos from Las Vegas to Connecticut were after Siddiqui for millions that they say he owed them.