That's not totally absurd if you think about it. Police regularly initiate high speed chases for bank robbers and the like, often for values far less than $1M. Of course, not every chase leads to a death, but I suspect if you do the math, the risk of a high speed chase is probably in the neighborhood of "JDAM for $126MM fraud".

If one were to use a fairly standard number for the statistical value of a human life, $10MM, then $126MM is about the same amount of harm as the deaths of 12.6 people.

(You have to choose some number as the value of a human life, and the power of the "statistical value" measure is that it is self-determined, derived from the choices people make for themselves of how much money to pay to reduce the risk of dying, aggregated and averaged. You are free to advocate for a different measure, but if so, you need to actually make the argument, ground your measure in something, something that you then need to claim is a better measure than people's own revealed preferences.)

Exactly, the moral option is obviously to allow them to get away with it scott free, or with a slap on the wrist so they can get back to re-committing. Better make it 252MM!