HomeAmericasCrimeReal Estate Ponzi: Kumar Neppalli Of NC Arrested For Duping Fellow Indian Americans

Real Estate Ponzi: Kumar Neppalli Of NC Arrested For Duping Fellow Indian Americans

Real Estate Ponzi: Kumar Neppalli Of NC Arrested For Duping Fellow Indian Americans

India-West News Desk

CARY, NC – Kumar Arun Neppalli, has been indicted in a 23-count wire fraud, money laundering, and investment fraud. He faces up to twenty years in prison per count and potential fines.

Neppalli,56, relied on his good standing within the Indian American community in Cary, where he lived, to defraud at least 12 victims or sets of victims into giving him funds under the false pretense that he would be investing their money in a legitimate real estate development in the Orange County, North Carolina area, the Department of Justice said.

Neppalli allegedly used the funds from these victims to pay back earlier investors who believed that he was returning their original investment and legitimate capital gains.  Returning capital to earlier investors by defrauding new investors is commonly known as a “Ponzi” scheme.

“We are committed to protecting the investing public from financial schemes,” said U.S. Attorney Michael Easley.  “The U.S. Attorney’s Office is working closely with the FBI to identify, investigate, and pursue those who cheat people out of their hard-earned money.”

As further alleged in the indictment, Neppalli would typically contact the victims telephonically or in-person to describe a local real estate investment opportunity, usually in Orange County.  Neppalli allegedly leveraged his employment with the town of Chapel Hill to convince victims that he had insider knowledge of development plans with respect to the purported real estate. 

The indictment says that Neppalli would then request a specific amount of money within a short timeframe, sometimes the same day, to facilitate closing the transaction. He would promise a return of the principal investment plus a profit within a few months and sometimes ask his victims not to discuss the transaction with other members of the community or reference a non-disclosure agreement.

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  • Nice to see a Tesla police cruiser. Didn’t realize Gary, NC police department uses these vehicles.

    January 18, 2023
  • Neppalli should be renamed Ponzippalli.

    January 18, 2023
  • just DEPORT him

    January 18, 2023
  • Importing Indian culture here too

    January 19, 2023
  • Fraud, he could have named it as some sort of Crypo, decentralized Ponzi scheme. Why Kumar need to go Jail ? other Crypto promoter are doing there business by looting innocent peoples money and it ok for regulators..

    January 19, 2023
  • Fraud, he could have named as some sort of Crypo, decentralized Ponzi scheme. Why Kumar need to go Jail ? other Crypto promoter are doing their business by looting innocent peoples money and it is ok for regulators..

    January 19, 2023
  • Fraud, he could have named as some sort of Crypo, decentralized Ponzi scheme. Why Kumar need to go Jail ? other Crypto promoter are doing their business by looting innocent peoples money and it is ok for regulators..

    January 19, 2023

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