American Indian Arrested for $10 Million Crypto Ponzi Scheme

Federal law enforcement authorities in the United States on Friday arrested an American Indian, Rathanakishore Giri, in Ohio on criminal charges related to his alleged involvement in an investment fraud scheme in the cryptocurrency that has raised at least $10 million from investors.

According to court documents, Giri (27) of New Albany allegedly misled investors by fraudulently posing as an expert cryptocurrency trader specializing in Bitcoin derivatives trading.

As alleged in the indictment, the defendant falsely promised investors that he would generate lucrative risk-free returns for the amount of their principal investment, which he guaranteed to return, federal prosecutors alleged.

In reality, Giri would often have used money provided by new investors to pay off old ones – a hallmark of a Ponzi scheme, prosecutors said.

In addition, Giri allegedly had a record of investment failures, including a long history of losing major investors’ investments, and allegedly misled investors as to the reasons for delays when seeking to cash out their investments or to otherwise obtain the return of their principal “guarantee”, according to court documents.

Giri is charged by indictment with five counts of wire fraud. If convicted, he faces a maximum sentence of 20 years in prison on each count. A federal district court judge will determine any sentence after considering US sentencing guidelines and other statutory factors, according to a news release.

This story was published from a news feed with no text edits.

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