U.S. crypto fraud case brings 9-year sentence in Ohio Ponzi scheme

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US crypto fraud Ohio Ponzi case

Highlights

Rathnakishore Giri receives a nine-year prison sentence after pleading guilty to wire fraud in a crypto Ponzi scheme involving loss of investor principal.
The Commodity Futures Trading Commission files enforcement actions in August 2022 against Giri and his companies SR Private Equity, LLC, and NBD Eidetic Capital, LLC.
FBI Internet Crime Complaint Center reports crypto-related losses exceed $11 billion in 2025, a 22% increase from 2024 with 181,565 complaints filed.

Sentencing follows DOJ fraud case

As reported by the U.S. Justice Department, Rathnakishore Giri receives a nine-year prison sentence after prosecutors say he ran a fraudulent investment scheme that promised lucrative returns while falsely guaranteeing investors' principal.

Giri pleads guilty in 2024 to one count of wire fraud tied to losses suffered by investors. An amended plea agreement filed before Monday's sentencing hearing says he also admits soliciting money from investors even after entering his guilty plea.

The Justice Department says Giri tells investors he can generate high returns with no risk to their original investment and guarantee repayment. Prosecutors say he instead often uses funds from new investors to repay earlier investors, describing that pattern as a hallmark of a Ponzi scheme.

The department also says Giri has a record of investment failures and a long history of losing investors' principal. Prosecutors add that he misleads investors about delays when they seek to withdraw funds or recover their supposedly guaranteed principal.

Regulatory action and wider crypto scam losses

The Commodity Futures Trading Commission previously accuses Giri of operating a Bitcoin derivatives scheme through entities including SR Private Equity, LLC, and NBD Eidetic Capital, LLC, beginning in 2019.

The CFTC files an enforcement action in August 2022 against Giri, his companies and his parents, while the Justice Department indicts him in November 2022 on five counts of wire fraud.

Separate data from the FBI's Internet Crime Complaint Center shows crypto-related losses top $11 billion in 2025, up 22% from 2024. The IC3 says it receives at least 181,565 crypto-related complaints in 2025 and notes that scams often target elderly victims.

Our earlier report on Rathnakishore Giri’s Ohio cryptocurrency Ponzi scheme detailed how prosecutors said he raised more than $10 million by promising high returns and “guaranteed” principal tied to Bitcoin-derivatives trading. We noted that investigators alleged he used money from new investors to pay earlier participants and continued soliciting funds even after pleading guilty in 2024, underscoring the risks investors face in unverified crypto investment offerings.

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