Kumar Arun Neppalli , Cary NC Indicted on 23 Counts of Wire Fraud and Money Laundering in Ponzi Scheme

[andhra_jp]

RALEIGH, N.C. – Kumar Arun Neppalli, 56, was arrested today upon the unsealing of a 23-count indictment in connection with an investment fraud scam.  Neppalli faces up to twenty years in prison per count and potential fines.

According to the indictment, Neppalli allegedly relied on his good standing within the Indian-American community in Cary, North Carolina to defraud at least 12 victims or sets of victims into giving him funds under the false pretense that he would be investing their money in a legitimate real estate development in the Orange County, North Carolina area.  Neppalli allegedly used the funds from these victims to pay back earlier investors who believed that he was returning their original investment and legitimate capital gains.  Returning capital to earlier investors by defrauding new investors is commonly known as a “Ponzi” scheme.

“We are committed to protecting the investing public from financial schemes,” said U.S. Attorney Michael Easley.  “The U.S. Attorney’s Office is working closely with the FBI to identify, investigate, and pursue those who cheat people out of their hard-earned money.”

As further alleged in the indictment, Neppalli would typically contact the victims telephonically or in person to describe a local real-estate investment opportunity, usually in Orange County.  Neppalli allegedly leveraged his employment with the town of Chapel Hill to convince victims that he had insider knowledge of development plans with respect to the purported real estate.  The indictment alleges that, Neppalli would then request a specific amount of money within a short timeframe, sometimes the same day, to facilitate closing the transaction.  Neppalli would allegedly promise a return of the principal investment plus a profit within a few months and sometimes ask his victims not to discuss the transaction with other members of the community or reference a non-disclosure agreement.

 “Our investigation shows Neppalli abused the trust and confidence placed in him by fellow Indian-American community members. He promised to invest their money in property.  Instead, Neppalli used the funds to pay back other people he swindled as part of his scheme; now, multiple victims are left without their much-needed savings," said Michael C. Scherck, FBI Acting Special Agent-in-Charge. “Fraud can have an immediate and direct impact on people and communities, and the FBI remains determined to bring those who commit it to justice.”

Neppalli was indicted on 17 counts of Wire Fraud in violation of 18 U.S.C. § 1943 and 6 counts of Conducting Transactions in Criminally Derived Property in violation of 18 U.S.C. § 1957.  Arraignment before United States District Judge Terrence W. Boyle is expected to occur later this year.

Michael Easley, U.S. Attorney for the Eastern District of North Carolina made the announcement after United States Magistrate Judge Robert T. Numbers II presided over Neppalli’s Initial Appearance.  The Federal Bureau of Investigation’s Triangle Fraud Taskforce is leading the investigation, and Assistant U.S. Attorney David G. Beraka is prosecuting the case.

https://www.justice.gov/usao-ednc/pr/cary-man-indicted-23-counts-wire-fraud-and-money-laundering-ponzi-scheme

[nuvvu_naakina_paalem]

Face photo please 

[yoda123]

adi talent bhayya ... 

he will escape to india ... n resurrect a new life as real estate dealer and then as a politician ...

maha bhaaratam lo .. krishnathathvam antay ide kada ... 

[Starblazer]

paatha appulu teerachataniki kothha appulu chesthe thappenti anukunnademo 🙄

[AverageDesiGuy]

Edi emina India ankunara mana Desi annimithaylu

 

[Ford_Abbai]

This is normal kada..db members kooda Chala mandhi invests money like these in Austin ..Samsung office deggara

[sarfaroshi]

22 minutes ago, Ford_Abbai said:

This is normal kada..db members kooda Chala mandhi invests money like these in Austin ..Samsung office deggara

Neppalli allegedly used the funds from these victims to pay back earlier investors who believed that he was returning their original investment and legitimate capital gains.  Returning capital to earlier investors by defrauding new investors is commonly known as a “Ponzi” scheme.

 

Sugar undaa mothham article chadavaleda ?

[neekunuvvetopu]

9 hours ago, nuvvu_naakina_paalem said:

Face photo please 

 

20 years in prison ata if proven.  ayinaa.. manollu report baane chesaare

[pakeer_saab]

8 hours ago, yoda123 said:

adi talent bhayya ... 

he will escape to india ... n resurrect a new life as real estate dealer and then as a politician ...

maha bhaaratam lo .. krishnathathvam antay ide kada ... 

you have no clue on how legal system works in US, once someone is indicted on a crime here, they  are caugt no matter what, Eff Bea eye has field offices in all major countries.

[nokia123]

12 minutes ago, neekunuvvetopu said:

 

20 years in prison ata if proven.  ayinaa.. manollu report baane chesaare

ikkada jail lo esthe desi lani baaga ragging sestharu ani antaru..nijamena?

[yoda123]

1 hour ago, pakeer_saab said:

you have no clue on how legal system works in US, once someone is indicted on a crime here, they  are caugt no matter what, Eff Bea eye has field offices in all major countries.

 

bro .. first thing it's a satire / sarcasm ...

second ... still they are options to escape ... bot fool proof ...

3rd ... as u said .. still be caught in home country ...

4th ... still can change identity and reside in home country ...

any how ...

my comment is satire / sarcasm ...

[nuvvu_naakina_paalem]

2 hours ago, nokia123 said:

ikkada jail lo esthe desi lani baaga ragging sestharu ani antaru..nijamena?

@Chirupoo @ntr2ntr ki thelavaali 

Monne KC cherukuri vellochadu jail ki.

 

Also every balayya movie ki rally chesi jail vellatam fashion ayipoyindhi 

[nokia123]

53 minutes ago, nuvvu_naakina_paalem said:

@Chirupoo @ntr2ntr ki thelavaali 

Monne KC cherukuri vellochadu jail ki.

 

Also every balayya movie ki rally chesi jail vellatam fashion ayipoyindhi 

[tennisluvrredux]

2 hours ago, nuvvu_naakina_paalem said:

@Chirupoo @ntr2ntr ki thelavaali 

Monne KC cherukuri vellochadu jail ki.

 

Also every balayya movie ki rally chesi jail vellatam fashion ayipoyindhi 

Neppalli ante manaaade, kikku raa kikku

[Ford_Abbai]

7 hours ago, sarfaroshi said:

Neppalli allegedly used the funds from these victims to pay back earlier investors who believed that he was returning their original investment and legitimate capital gains.  Returning capital to earlier investors by defrauding new investors is commonly known as a “Ponzi” scheme.

 

Sugar undaa mothham article chadavaleda ?

Naaku sugar vundo ledo teleedhu kaani..neeku mathram gbalupu ..BP baaga vundhi..kadapa ?

 

This is current business trend..people will buy lots and ask investors to invest..in exchange they will give you lot #

They will say this land is near Samsung Tesla company ..if you invest 18,000$ cash it will multiply in year or two..more than stock market 

Once they collect million, 2 million$ they will reinvest that money in to a bigger business venture.. the share holders will have no ownership of property , just a lot # and exchange of trust..

 

USA ki Kotha anukunta nuvvu . It appears one of the slot owner got tired and exposed this ponzi scheme.. lot of Austin Dallas areas lo ilanti ventures very common and the original owner  reinvest that money in to further real estate purchases ..