New Delhi, Nov. 5 -- A 47-year-old woman in California has admitted to defrauding her employer of almost $18 million ( approximately Rs.170 crore) over a period of 10 years, using the stolen money to finance an extravagant lifestyle involving luxury shopping, private jet journeys, and expensive home renovations.

Lizbeth Sherman, a resident of El Dorado Hills, pleaded guilty to federal wire fraud charges on Monday, according to the US Attorney's Office for the Eastern District of California.

The woman spent the money on designer handbags, Rolex watches, luxury holidays and other high-value purchases.

Sherman's alleged fraud began in 2015 when she took up a position as an executive assistant to a retired venture capitalist from the San F...