Neil Chandran, 50, of Las Vegas, is charged with defrauding investors by falsely promising them extraordinarily high profits through the collection of technological companies he owned. In a press statement, Chandran stated that a group of affluent purchasers will be purchasing one or more of his businesses.
Free Vi Lab, Studio Vi Inc., ViDelivery Inc., ViMarket Inc., and Skalex USA Inc. are only a few of Chandran’s businesses that created virtual technologies, including their own cryptocurrency that was utilized in their own metaverse.
According to the indictment, Chandran encouraged others to mislead investors by claiming that they would receive extremely high returns once one of the companies was purchased, that investor money would be used to keep the company afloat until it was purchased, and that two billionaires would be involved in the purchase.
There was no such buyer group that was poised to buy the companies for the alleged returns, the indictment claims. A “significant” percentage of the investor monies, according to the indictment, were allegedly plundered and used for other business endeavors, the purchase of opulent cars, and real estate.
Three accusations of wire fraud and two counts of conducting financial transactions using illegally obtained property are brought against Chandran. For each count of wire fraud and for each of engaging in illegal financial transactions, he may spend up to 20 years behind bars.
According to the indictment, 100 various assets, including luxury cars, real estate, bank accounts, and 39 Teslas, are liable to seizure as a result of the crime.
