Ohio man sentenced to nine years in prison for operating encrypted Ponzi scheme

According to The Block, the US Department of Justice has sentenced Ohio resident Rathnakishore Giri to nine years in prison for operating an investment fraud scheme to defraud investors of at least $10 million. Giri pleaded guilty to a telecommunications fraud charge in 2024 and continued to raise funds after pleading guilty. The Ministry of Justice claimed that it carried out a typical Ponzi scheme by falsely promising high returns and risk-free principal. The Commodity Futures Trading Commission accuses Giri of operating a Bitcoin derivatives program through multiple entities since 2019 and initiated enforcement actions in 2022.