WASHINGTON: A 50-year-old Indian-origin tech entrepreneur has been arrested in the US for an alleged investment scheme that defrauded over USD 45 million with over 10,000 victims and netted him several luxury cars and real estate. Laid it Neel ChandraniThe Justice Department said the arrest was made Wednesday in Los Angeles, of Las Vegas in Nevada.
According to the indictment, Chandran owned a group of technology companies, which he used to defraud investors by falsely promising extremely high returns on the grounds that one or more of his companies, under the banner “VIRSE”, was about to operate. Can be acquired by a consortium of wealthy buyers.
Chandran’s companies – including Free Vi Lab, Studio Vi Inc., WeDelivery Inc., WeMarket Inc. and Sklex USA Inc.Among others – virtual-world technologies developed for use in companies’ own metaverses, including their own cryptocurrencies.
The indictment alleges that Chandran induced other individuals to make various materially false and misleading representations to investors in which investors in his companies would soon receive exorbitantly high returns when one or more of those companies became wealthy. Bought by a group of buyers.
In fact, as per the indictment, there was no buyer group that was supposed to buy the companies for the claimed returns; A substantial part of the money was misappropriated for other business ventures and personal gains of Chandran and others, including purchase of luxury cars and real estate; And no major billionaires were involved in buying Chandran’s companies.
Chandran has been charged with three counts of wire fraud and two counts of engaging in monetary transactions in criminally derived assets.
If convicted, Chandran faces up to 20 years in prison for each wire fraud and up to 10 years in prison for each count of engaging in unlawful monetary transactions.
The indictment also alleges that 100 different assets — bank accounts, real estate, and luxury vehicles, including 39 Tesla vehicles — are subject to seizure as fraudulent proceeds.
US Marshal And this FBI Most of the properties pending for resolution of the criminal case are being confiscated.
According to the indictment, Chandran owned a group of technology companies, which he used to defraud investors by falsely promising extremely high returns on the grounds that one or more of his companies, under the banner “VIRSE”, was about to operate. Can be acquired by a consortium of wealthy buyers.
Chandran’s companies – including Free Vi Lab, Studio Vi Inc., WeDelivery Inc., WeMarket Inc. and Sklex USA Inc.Among others – virtual-world technologies developed for use in companies’ own metaverses, including their own cryptocurrencies.
The indictment alleges that Chandran induced other individuals to make various materially false and misleading representations to investors in which investors in his companies would soon receive exorbitantly high returns when one or more of those companies became wealthy. Bought by a group of buyers.
In fact, as per the indictment, there was no buyer group that was supposed to buy the companies for the claimed returns; A substantial part of the money was misappropriated for other business ventures and personal gains of Chandran and others, including purchase of luxury cars and real estate; And no major billionaires were involved in buying Chandran’s companies.
Chandran has been charged with three counts of wire fraud and two counts of engaging in monetary transactions in criminally derived assets.
If convicted, Chandran faces up to 20 years in prison for each wire fraud and up to 10 years in prison for each count of engaging in unlawful monetary transactions.
The indictment also alleges that 100 different assets — bank accounts, real estate, and luxury vehicles, including 39 Tesla vehicles — are subject to seizure as fraudulent proceeds.
US Marshal And this FBI Most of the properties pending for resolution of the criminal case are being confiscated.