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Las Vegas man arrested in $45M tech fraud scheme

A Las Vegas man was arrested Wednesday in connection with a $45 million investment fraud scheme, the Department of Justice announced.

Neil Chandran, 50, was arrested in Los Angeles for his alleged role in a scheme that defrauded more than 10,000 people, the DOJ said. Chandran owned a group of technology companies that falsely promised investors extremely high returns on the premise that one or more of his companies was about to be acquired by a consortium.

The companies developed “virtual-world technologies” and their own cryptocurrency. Misappropriated funds were used for business ventures and the purchase of luxury cars and real estate to benefit Chandran and others, the DOJ said.

Chandran was indicted this month on three counts of wire fraud and two counts of engaging in monetary transactions in criminally derived property. He faces up to 20 years in prison for each wire fraud count and up to 10 years for each remaining count.

U.S. Marshals Service and the FBI are expected to seize bank accounts, real estate and luxury vehicles — including 39 Teslas — pending the resolution of the case, the DOJ said.

Contact David Wilson at dwilson@reviewjournal.com. Follow @davidwilson_RJ on Twitter.

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