Rathnakishore Giri was sentenced to nine years and supervised release for a cryptocurrency investment fraud raising over $10 million. DOJ said he promised lucrative, “no risk” returns and used new investors’ money to repay earlier investors.

A federal judge in Ohio sentenced Rathnakishore Giri to nine years in prison and three years of supervised release for orchestrating a $10 million cryptocurrency investment scheme. According to DOJ, Giri marketed himself as a “crypto trading expert” who could deliver profitable returns while claiming there was “no risk.” Prosecutors said that promise was central to recruiting victims and sustaining the fraud over time. DOJ described how the operation functioned in a Ponzi-like manner: money collected from new investors was used to pay earlier participants rather than coming from legitimate trading profits. The scheme’s pitch—guaranteed or risk-free returns in the crypto market—mirrored a common scam pattern that relies on urgency, persuasive marketing, and unrealistic performance claims. The case also highlights how fraudsters may package investment fraud as sophisticated technical expertise to reduce skepticism. For potential victims, the takeaway is clear: guaranteed returns, claims of “no risk,” and payout patterns that depend on recruitment are red flags for cryptocurrency Ponzi schemes.