Indian American arrested for USD 10 million crypto Ponzi scheme

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

According to court documents, Giri (27) from New Albany allegedly misled the investors by



fraudulently promoting himself as an expert cryptocurrency trader, with a specialty in trading Bitcoin derivatives.

As alleged in the indictment, the accused falsely promised the investors that he would generate lucrative returns with no risk to their principal investment amount, which he guaranteed to return, federal prosecutors alleged.