Meyer Wilson Investigates Rathnakishore Giri for Investment Fraud

DOJ Alleges Giri Involved in $10 Million Crypto Ponzi Scheme

Rathnakishore Giri is facing federal charges related to an alleged cryptocurrency Ponzi scheme that defrauded investors out of millions. Giri, who is being investigated by multiple agencies including the Department of Justice and the Commodity Futures Trading Commission, reportedly has a history of investor fraud.

At Meyer Wilson, we work relentlessly to recover investment losses on behalf of defrauded investors. Our legal team is nationally recognized for our work, having recovered millions on behalf of clients across the country. If you invested with Rathnakishore Giri or another self-proclaimed cryptocurrency expert, contact our office at (800) 738-1960 to schedule a free consultation. 

Allegations Against Rathnakishore Giri

According to a press release from the Department of Justice Office of Public Affairs, Rathnakishore Giri, an investment manager out of Ohio, was arrested on criminal charges on November 18, 2022. The arrest stems from Giri’s alleged involvement with a Ponzi-like cryptocurrency scheme that reportedly defrauded investors out of at least $10 million. 

Court documents filed by the government allege that the 27-year-old New Albany man misled investors, selling himself as a cryptocurrency expert. He reportedly stated that he had a “specialty in trading Bitcoin derivatives.” As noted in the indictment, he promised investors “lucrative returns” at no risk to their principal. 

An investigation into the investment revealed that Giri allegedly used money raised through new investors to repay older investors in a Ponzi-like scheme.

Federal Charges Filed

Federal charges filed against Giri include five counts of wire fraud. He could face up to 20 years in prison on each wire fraud count. The Department of Justice (DOJ) has alleged that this is not the first time that Giri has defrauded investors. Their press release notes that he was previously accused of “losing investors’ principal investments” and misleading investors. 

In August, the Commodity Futures Trading Commission (CFTC) announced it was filing a civil enforcement action against Rathnakishore and his companies NBD Eidetic Capital, LLC and SR Private Equity, LLC. According to the commission, Giri allegedly defrauded investors out of over $12 million and 10 bitcoins. It is believed that over 150 investors were affected by Giri’s fraudulent scheme. 

Giri has been accused of making false and misleading statements to investors, making guarantees of principal returns and profits, and misappropriating customer funds. The government says that Giri used investor money to fund his lavish lifestyle.

Report Crypto Fraud or Suspicious Activity 

The following agencies can be a good resource for those who lost money in a crypto scam: 

• the Federal Trade Commission at ReportFraud.ftc.gov
• the Commodity Futures Trading Commission at CFTC.gov/complaint
• the U.S. Securities and Exchange Commission at sec.gov/tcr
• the Internet Crime Complaint Center at ic3.gov/Home/FileComplaint
• the cryptocurrency exchange company you used to send the money