Ohio Crypto Scammer Sentenced After Defrauding Victims of $10 Million

An Ohio investment manager, Rathnakishore Giri, received a nine-year prison sentence Monday for orchestrating a $10 million crypto Ponzi scheme that defrauded investors.

The 31-year-old New Albany resident also drew three years of supervised release.

Ohio Crypto Scammer Jailed 9 Years Over Crypto Ponzi Fraud 

Giri marketed himself as an experienced cryptocurrency and Bitcoin (BTC) derivatives trader. He promised clients lucrative returns with no risk to their money.

He also guaranteed that the investor principal would be returned. In reality, prosecutors said he was routing new inflows to earlier investors in a classic Ponzi scheme.

Giri carried a record of failed trades and lost client capital, the Justice Department noted. When investors asked to cash out, however, he offered fabricated reasons for delays.

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Federal authorities first indicted Giri in November 2022 on five counts of wire fraud. He pleaded guilty to one count in October 2024.

While awaiting sentencing, Giri kept raising money from crypto investors.

“In advance of today’s sentencing, Giri admitted to this additional conduct pursuant to an amended plea agreement with the Department,” the press release read.

The sentence lands as crypto-linked fraud continues to climb. Americans reported $11.36 billion in cryptocurrency losses to the FBI’s Internet Crime Complaint Center in 2025. That figure marked a 22% jump over the prior year.

The Justice Department’s Fraud Section prosecuted the case. Acting Deputy Chief Lucy B. Jennings and Trial Attorney Tamara Livshiz led the prosecution.

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