New Albany, Ohio – The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Rathnakishore Giri and his Ohio-based companies, NBD Eidetic Capital, LLC and SR Private Equity, LLC, alleging a multi-million dollar digital asset fraud. The case, filed in the U.S. District Court for the Southern District of Ohio, accuses Giri of fraudulently soliciting over $12 million and at least 10 bitcoins from more than 150 customers.
According to the CFTC complaint, Giri and his companies misappropriated customer funds intended for digital asset trading. The scheme allegedly ran from approximately March 2019 through the present, with defendants making false and misleading statements to investors, including guarantees of profits and claims of Giri’s success as a trader. Customers were told they could withdraw funds at any time, a claim the CFTC alleges was untrue.
The complaint further alleges that Giri operated a Ponzi scheme, using funds from new investors to pay profits to earlier investors. A portion of the misappropriated funds were also used to finance Giri’s lavish lifestyle, including yacht rentals, luxury vacations, and high-end shopping. Customer funds were reportedly commingled with Giri and his family’s personal accounts.
The CFTC has also named Giri’s parents, Giri Subramani and Loka Pavani Giri, as relief defendants, alleging they possess funds obtained through the fraudulent scheme to which they have no legitimate claim. The agency seeks restitution for defrauded customers, disgorgement of ill-gotten gains, civil monetary penalties, and permanent bans from trading and registration, as well as a permanent injunction against further violations of the Commodity Exchange Act (CEA) and CFTC regulations.
The case is being pursued by CFTC staff members Dmitriy Vilenskiy, Karen Kenmotsu, Luke B. Marsh, and Paul G. Hayeck. The CFTC encourages individuals who suspect commodity trading fraud to report it via their toll-free hotline at 866-FON-CFTC or through their online tip/complaint form.
Source: CFTC.gov
Related Federal Cases
- James Pavlounis, Social Security Administration Fraud and Tax Evasi… · Texas
- Nicole Pennington Sentenced to 44 Months for COVID Loan Wire Fraud,… · Indiana
- Todd Faustin, Workers’ Compensation Fraud, New York NY, 2023 · New York
- Gerardo Heriberto Nuñez Nuñez, Elder Fraud Scheme, Boston MA, 2026 · Pennsylvania
- Sark Wire Corporation, PPP Fraud, Albany NY, 2023 · Pennsylvania
