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Indian American Entrepreneur Neil Chandran Arrested for Alleged $45 Million Investment Fraud

Indian American Entrepreneur Neil Chandran Arrested for Alleged $45 Million Investment Fraud

  • The 50-year-old of Las Vegas, Nevada, owned a group of technology companies that are accused of using a scheme to defraud investors by falsely promising extremely high returns.

An Indian American tech entrepreneur from Nevada was arrested in Los Angeles for an alleged investment fraud scheme that defrauded more than 10,000 victims of over $45 million. Charges were filed earlier last month against Neil Chandran, 50, of Las Vegas, in the District of Nebraska, U.S. Assistant Attorney General Kenneth Polite, announced on June 29.

Chandran owned a group of technology companies that he allegedly used in a scheme to defraud investors by falsely promising extremely high returns, the DOJ press release said. The companies — which included Free Vi Lab, Studio Vi Inc., ViDelivery Inc., ViMarket Inc., and Skalex USA Inc., among others — “promised investors that one or more of his companies, operated under the banner of ‘ViRSE,’ was about to be acquired by a consortium of wealthy buyers.” He told them that his companies developed virtual-world technologies, including their own cryptocurrency, for use in the companies’ own metaverse. 

Along with himself, Chandran “caused other individuals to make various materially false and misleading representations to investors as well,” the indictment alleges, according to the press release. 

However, there were no such buyers or billionaires, the DOJ said, adding that “a substantial part of the funds collected from the investors were misappropriated for the personal benefit of Chandran and others, including the purchase of luxury cars and real estate.”

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He is charged with three counts of wire fraud and two counts of engaging in monetary transactions in the criminally derived property. If convicted, he faces up to 20 years in prison for each of the wire fraud counts and up to 10 years in prison for each count of engaging in unlawful monetary transactions.

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