South Africa tour of India 2019
Indian businessman sentenced for two and half years in us for $1.3 million fraud
An Indian born businessman has been sentenced to two and a half year of imprisonment by federal prison in the United States. This is because he was involved in a USD 1.3 million Ponzi scheme which had affected more than 40 people.
Amrit Jaswant Singh Chahal had started a company and was running an investment fraud through it.
Authorities say that Chahal falsely told clients that his company earned returns of more than 28 per cent annually. Although the fact was that he was suffering heavy losses. They also say that he falsified brokerage statements to conceal his losses.
He was using a Ponzi scheme whereby he was using money received from new investors to pay old investors making them be under impression that they received returns on their investment.
Comments