The U.S. SEC is investigating a $45 million blockchain investment fraud case

2023-01-05 08:20:23

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ChainCatcher News, the U.S. Securities and Exchange Commission (SEC) has charged Neil Chandran and his associates with defrauding investors using fake blockchain technology. The SEC claims that the group falsely stated they had obtained valuable blockchain technology and that selling this technology would yield investors over 500,000 times their investment returns. However, in reality, the money raised from investors was used to purchase luxury cars, real estate, and a boat for the private use of Neil Chandran and others, and was also diverted to his other businesses.

It is reported that Neil Chandran owns multiple companies and has been incarcerated since last year for fraud related to the same case. Neil Chandran defrauded investors of over $45 million by claiming to share information about pending transactions related to the technology through the intermediary "CoinDeal." (source link)

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