Neil Chandran of Indian descent arrested in US for defrauding 10,000 people

- Neil Chandran is accused of using several of his tech companies to grab investors' money

Washington, Ta. 01 July 2022, Friday

A 50-year-old Indian-origin tech entrepreneur has been arrested in the US for allegedly defrauding 10,000 people of $ 45 million through an alleged investment scheme. The scheme has helped him buy several luxury cars and real estate. Neil Chandran of Las Vegas was arrested in Los Angeles on Wednesday.

Neil Chandran is accused of using several of his tech companies to grab investors' money.

Neil lured investors into one or more of his companies operating under the banner of 'ViRSE'.

Chandran's companies include Free Vi Lab, Studio Vi Inc, ViDelivery Inc, ViMarket Inc, and Skalex USA Inc. In it the technology of the virtual world was developed. It also included its own cryptocurrency. Which was to be used in the company's own metavars.

The chargesheet said Chandran had made false promises to investors. At the same time, it was wrong to say that the company's investors will soon get a big return.

No group was going to buy his company, according to the chargesheet. A large portion of investors' money was wrongly diverted to other businesses for personal gain. With this he bought expensive cars and land.

Chandran has 3 charges of wire fraud and 2 charges of financial dealings with criminally acquired property. After being convicted, Chandran could face up to 20 years in prison for each wire fraud and up to 10 years in each case of illegal financial transactions. The chargesheet also alleges that 100 different properties, bank accounts, real estate, expensive cars including 39 Tesla cars. All these things should be confiscated because he has cheated with many people.