An Ohio man, Rathnakishore Giri, 31, of New Albany, has been sentenced to nine years in prison and three years of supervised release for masterminding a cryptocurrency investment fraud scheme that swindled over $10 million from investors, many located in or around Columbus, Ohio.
Giri deceived investors by presenting himself as an expert cryptocurrency trader specializing in Bitcoin derivatives, promising lucrative, risk-free returns with guaranteed principal repayment. In reality, he operated a Ponzi scheme, using new investor funds to pay off earlier ones. Court documents reveal Giri had a history of investment failures and misled investors about delays when they attempted to withdraw their funds.
In October 2024, Giri pleaded guilty to one count of wire fraud. Disturbingly, while on pretrial release awaiting sentencing, he continued to solicit funds from new cryptocurrency investors, causing further financial harm. Giri admitted to this additional misconduct in an amended plea agreement.
The FBI investigated the case, with Assistant Attorney General A. Tysen Duva of the Justice Department’s Criminal Division and Special Agent in Charge Jason Cromartie of the FBI Cincinnati Field Office making the announcement. Acting Deputy Chief Lucy B. Jennings and Trial Attorney Tamara Livshiz of the Criminal Division’s Fraud Section prosecuted the case.