TLDR
- Rathnakishore “Ravi” Giri was sentenced to nine years in federal prison.
- Giri ran a crypto Ponzi scheme that raised more than $10 million.
- Prosecutors said hundreds of investors were misled by guaranteed return claims.
- Giri pleaded guilty to one count of wire fraud in October 2024.
- The CFTC filed a civil case against Giri before his federal indictment.
Rathnakishore “Ravi” Giri, an Ohio resident accused of running a cryptocurrency investment fraud, has been sentenced to nine years in federal prison for a scheme that raised more than $10 million from hundreds of investors.
Giri, 31, of New Albany, Ohio, also received three years of supervised release after pleading guilty to one count of wire fraud. Prosecutors said he misled investors by claiming he could generate high returns through Bitcoin derivatives and other crypto trading strategies.
The case focused on promises that investor principal would be protected and returned. Federal authorities said those claims were false and that Giri used funds from new investors to pay earlier investors and cover personal expenses.
Prosecutors Say Giri Promised Safe Crypto Returns
According to prosecutors, Giri presented himself as an experienced digital asset trader with skills in Bitcoin derivatives. He told investors that their funds would be used in crypto trading and that their original investment was safe.
Authorities said the operation had been active since at least 2019 and drew money from investors through trust-based relationships, personal referrals, and claims of trading expertise. Many investors were based in and around Columbus, Ohio.
The fraud also involved delay tactics when investors asked to withdraw funds. Prosecutors said Giri gave misleading explanations for missed payments, delayed principal returns, and failed cashouts.
CFTC Filed Civil Case Before Criminal Charges
The Commodity Futures Trading Commission filed a civil action against Giri in August 2022, alleging that he operated a fraudulent Bitcoin derivatives scheme through several entities.
In November 2022, Giri was indicted on five counts of wire fraud. Each wire fraud count carried a maximum possible sentence of 20 years in prison.
Giri pleaded guilty to one count of wire fraud on October 4, 2024. Federal authorities said he continued to solicit investment funds after legal action had already begun, leading to additional review by the Department of Justice and the CFTC.
The FBI investigated the case, and the Justice Department’s Fraud Section handled the prosecution. Authorities have directed victims of cryptocurrency investment fraud to report cases through the FBI’s Internet Crime Complaint Center.
Guaranteed Returns Remain a Key Crypto Fraud Warning
The Ohio crypto Ponzi scheme adds to a series of cases involving digital asset investment pitches built around promised returns and protected principal.
Bitcoin derivatives can carry high volatility, and federal agencies have repeatedly warned that no crypto trading manager can remove market risk while offering high returns. Promises of fixed profits, safe principal, and fast withdrawals are common signs reviewed in crypto fraud investigations.
The Giri case also shows how smaller crypto fraud schemes can affect large groups of victims. Although the $10 million amount is below some larger digital asset fraud cases, prosecutors said hundreds of investors were affected.
Giri’s sentence brings the criminal case to a new stage after years of investigation, civil action, indictment, and plea proceedings. He will serve nine years in prison, followed by three years of supervised release.
