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Indian American Man Arrested For $45M Investment Fraud Scheme

Neil Chandran, 50

LOS ANGELES, CA- Nevada based Neil Chandran 50, has been arrested from Los Angeles for an alleged investment fraud scheme that defrauded more than 10,000 victims of over $45 million.

Chandran owned a group of companies where his modus operandi was to defraud investors by falsely promising extremely high returns. Chandran’s many companies even developed their own cryptocurrency to be used in companies own metaverse.

According to allegations, Chandran made many misleading representations including that his companies were being purchased by wealthy buyers. He instead misappropriated the funds and used them for other business ventures as well as personal expenses such as buying luxury cars or real estate. If convicted, Chandran could face up to 20 years in prison.

The indictment alleges that about 100 different assets like bank accounts, real estate, and luxury vehicles including 29 Tesla vehicles are subject to forfeiture as proceeds of the fraud.

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