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The CFTC accuses two people behind a fraudulent crypto project that caused a loss of $44 million to its victims

The CFTC accuses two people behind a fraudulent crypto project that caused a loss of $44 million to its victims

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Answer The CFTC accuses two people behind a fraudulent crypto project that caused a loss of $44 million to its victims

The US Commodity Futures Trading Commission (CFTC) has charged two US residents and their entities for running a fraudulent cryptocurrency scheme.

The fraudulent project caused more than 170 investors to be scammed.

The CFTC accuses two people behind a fraudulent crypto project:

in press release Officially, the CFTC informed that the defendants, Sam Ikorti and Ravishankar Avadhanam, fraudulently obtained a total of $44 million from investors across several corporate entities under their control.

The regulator also charged the defendants with operating an illegal commodities pool and failing to register as an operator with the CFTC.

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According to the authority’s complaint, the duo promoted the so-called “Ikkurty Capital”, “Rose City Income Fund” and “Seneca Ventures” digital asset income funds to investors.

They started targeting investors in January 2021 through various channels such as an official website, YouTube channel, and several other means.

Some of the fraudulent allegations were that the pooled funds would be used to invest in various digital assets, commodities, swaps and derivatives,
and futures contracts, which will yield a high return on investment annually.

They have already managed to raise at least $44 million from around 170 investors.

According to the CFTC, instead of making any investment with funds from the investors, they embezzled the participants’ funds by distributing it to other participants, in a manner similar to a Ponzi scheme.

The defendants also transferred some of the participants’ money to other accounts under their control and for their benefit.

The defendants also transferred millions of dollars to an offshore entity that, in turn, may have transferred funds to a foreign cryptocurrency exchange.

The complaint stated that these funds were not returned to the complex.

A US federal court will already issue an order freezing the defendants’ assets, along with instructions to preserve documents related to the scheme and designate a temporary recipient of investor funds.

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The CFTC is now seeking to recoup and dispose of illegally obtained gains.

It is also moving toward civil financial penalties, permanent bans on trading, and injunctions against future violations of the Commodity Exchange Act (CEA) and CFTC regulations.

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