The defendant allegedly has a history of duping investors, the Justice Department says.
8:05
Rathnakishore Giri, a 27-year-old from New Albany, Ohio, has a history of investment fraud, the Justice DepartmentGiri allegedly promised investors he could secure returns by investing their money in cryptocurrency, when in reality, DOJ says he couldn't. He "fraudulently" promoted himself as an expert in cryptocurrency, according to the DOJ.
FILE PHOTO: Representations of virtual cryptocurrencies are placed on U.S. dollar banknotes in this illustration taken November 28, 2021. REUTERS/Dado Ruvic/Illustration/File PhotoHe lured investors to trust him with their money by "boasting about his own personal wealth and lavish lifestyle," the Justice Department said.
"Instead of using all investor funds for cryptocurrency investments as promised, defendant Giri diverted certain investor funds to other purposes such as payment of his own personal expenses or repayment of principal or interest on erlier investments in a manner consistent with a Ponzi scheme," the indictment says.
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