Ohio man arrested for alleged involvement in cryptocurrency scheme

WASHINGTON D.C. — An Ohio man was arrested on legal expenses associated to his alleged involvement in a cryptocurrency funding fraud scheme, in accordance with a spokesperson for america Division of Justice.

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Rathnakishore Giri, 27, of New Albany, allegedly misled traders by fraudulently selling himself as an skilled cryptocurrency dealer, with a specialty in buying and selling Bitcoin derivatives and raised no less than $10 million from traders, courtroom paperwork stated.

Giri is alleged to have falsely promised traders that he would generate profitable returns with no danger to their principal funding quantity, which he assured to return, in accordance with the indictment.

He allegedly used cash supplied by new traders to repay outdated traders and had a report of funding failures, together with an extended historical past of shedding traders’ principal investments, and misled traders about causes for delays after they sought to money out their investments or in any other case get hold of the return of their “assured” principal, DOJ stated in a information launch.

Giri is charged with 5 counts of wire fraud and faces a most penalty of 20 years in jail on every depend if convicted.

The FBI is investigating the case.

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