NEW ALBANY, Ohio (WCMH) – A New Albany funding supervisor was arrested and accused of participating in a cryptocurrency funding fraud scheme.
Rathnakishore Giri, 27, is accused of promising buyers that he would “generate profitable returns with no threat to their principal funding quantity, which he assured to return,” in accordance with a launch by the Division of Justice. Giri allegedly misled buyers by falsely selling himself as an skilled cryptocurrency dealer, with a specialty in buying and selling Bitcoin derivates.
The DOJ says Giri as an alternative would use cash supplied by new buyers to repay previous buyers, which is usually how Ponzi schemes work. He’s accused of elevating no less than $10 million from buyers.
Giri, who the DOJ says has a historical past of funding failures, be it shedding principal buyers, deceptive buyers on payout delays or acquiring the return of their principal funding, is being charged with 5 counts of wire fraud and will withstand 20 years in jail if convicted on every rely.
The FBI Cincinnati Discipline Workplace continues to analyze the case.