An Ohio resident was sentenced to nine years in federal prison for orchestrating a cryptocurrency investment fraud that raked in at least $10 million, the U.S. Department of Justice announced Monday. Rathnakishore Giri pleaded guilty to one count of wire fraud in 2024 and, according to an amended plea agreement, admitted to soliciting additional investor funds even after his guilty plea.
Prosecutors detailed how Giri promised guaranteed returns with no risk to principal, a classic hallmark of a Ponzi scheme. Instead of generating legitimate trading profits, he used money from new investors to pay earlier ones, masking the scheme as a successful operation. The DOJ noted that Giri had a long record of investment failures and misled investors about delays when they sought to withdraw funds.
The Commodity Futures Trading Commission had previously filed an enforcement action in August 2022 against Giri, his companies (SR Private Equity, LLC, and NBD Eidetic Capital, LLC), and his parents, alleging a Bitcoin derivatives fraud that began in 2019. The DOJ indicted him on five counts of wire fraud in November 2022.
The case underscores broader fraud risks in digital assets. The FBI’s Internet Crime Complaint Center reported that crypto-related losses topped $11 billion in 2025, a 22% jump from the previous year, with over 181,565 complaints. Scams frequently targeted the elderly.
