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Indian American arrested in connection with $10 million fraudulent cryptocurrency scheme

An Indian American, Rathanakishore Giri, was apprehended by federal law enforcement authorities in the US on Friday in Ohio on suspicion of involvement in a cryptocurrency investment fraud operation that raised at least USD 10 million from investors.

By wasmulhaq 
Updated Date

Washington: An Indian American, Rathanakishore Giri, was apprehended by federal law enforcement authorities in the US on Friday in Ohio on suspicion of involvement in a cryptocurrency investment fraud operation that raised at least USD 10 million from investors.

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As per court documents, it is claimed that Giri, a 27-year-old man from New Albany, deceitfully represented himself as a skilled cryptocurrency trader with a focus on trading Bitcoin derivatives.

Federal prosecutors claimed that the accused misled the investors by claiming that he would generate profitable returns with no danger to their principal investment amount, which he guaranteed to return.

In reality, according to the prosecution, Giri frequently used funds provided by new investors to pay off previous ones, a hallmark of a Ponzi scheme.

Additionally, Giri had failed several times in his investment plan; apart from this, he had a long history of losing investors’ principal investments as well. Therefore, he misled investors about the causes of delays when they attempted to cash out their investments or otherwise obtain the return of their “guaranteed” principal, according to court documents.

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The indictment against Giri lists five charges of wire fraud. He could receive a maximum sentence of 20 years in jail on each count if found guilty. According to a press release, a federal district court judge will decide on any sentence after taking the US Sentencing Guidelines and other legal considerations into account.

 

 

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