An Ohio funding supervisor, Rathnakishore Giri, acquired a nine-year jail sentence Monday for orchestrating a $10 million crypto Ponzi scheme that defrauded buyers.
The 31-year-old New Albany resident additionally drew three years of supervised launch.
Ohio Crypto Scammer Jailed 9 Years Over Crypto Ponzi Fraud
Giri marketed himself as an skilled cryptocurrency and Bitcoin (BTC) derivatives dealer. He promised purchasers profitable returns with no threat to their cash.
He additionally assured that the investor principal could be returned. In actuality, prosecutors mentioned he was routing new inflows to earlier buyers in a traditional Ponzi scheme.
Giri carried a file of failed trades and misplaced consumer capital, the Justice Division famous. When buyers requested to money out, nevertheless, he provided fabricated causes for delays.
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Federal authorities first indicted Giri in November 2022 on 5 counts of wire fraud. He pleaded responsible to at least one rely in October 2024.
Whereas awaiting sentencing, Giri saved elevating cash from crypto buyers.
“Prematurely of immediately’s sentencing, Giri admitted to this extra conduct pursuant to an amended plea settlement with the Division,” the press launch learn.
The sentence lands as crypto-linked fraud continues to climb. People reported $11.36 billion in cryptocurrency losses to the FBI’s Web Crime Criticism Heart in 2025. That determine marked a 22% bounce over the prior 12 months.
The Justice Division’s Fraud Part prosecuted the case. Performing Deputy Chief Lucy B. Jennings and Trial Lawyer Tamara Livshiz led the prosecution.
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The submit Ohio Crypto Scammer Sentenced After Defrauding Victims of $10 Million appeared first on BeInCrypto.