OH, Indian American Charged With $10 Million Cryptocurrency Fraud
India-West News Desk
COLUMBUS, OH – Rathnakishore Giri, 27, of New Albany, OH, has been charged by the Department of Justice with defrauding investors of $10 million dollars.
The DOJ pointed out that Giri has a history of investment fraud, and this latest scheme fell into a pattern. In August, the Commodity Futures Trading Commission charged Giri with defrauding investors of $12 million.
Giri is charged with five counts of wire fraud. If convicted, he faces a maximum penalty of 20 years in prison on each count.
The Indian American is said to have promised investors he would secure returns by investing their money in cryptocurrency, when, the DOJ says, he couldn’t. “Instead of using all investor funds for cryptocurrency investments as promised, defendant Giri diverted certain investor funds to other purposes such as payment of his own personal expenses or repayment of principal or interest on earlier investments in a manner consistent with a Ponzi scheme,” the indictment says.
Giri drove two Lamborghinis, a Tesla, and an Audi R8, wore high-end watches costing hundreds of thousands of dollars, flew on private jets and rented luxury homes.