Desi Frisco firm raised $130M from investors in alleged Ponzi scheme

[Ravi860]

An investment group that referred to itself as a “person you can trust” has allegedly been perpetrating fraud targeting Dallas-Fort Worth’s Indian American community.

Nanban Ventures LLC, a firm comprising three Frisco men, has raised nearly $130 million from hundreds of investors since April 2021, saying it was investing in technology and real estate. But “in classic Ponzi fashion,” Nanban allegedly used investors’ money to make fake distribution payments to other investors and siphoned off millions of dollars for themselves, as revealed in a recent complaint by the Securities and Exchange Commission, the Dallas Morning News reported. 

The SEC has issued a temporary restraining order, froze the company’s assets and taken additional measures to stop the alleged perpetrators — Gopala Krishnan, Manivannan Shanmugam and Sakthivel Palani Gounder — from operating.

“The defendants used the ‘Nanban’ branding, a word that means ‘friend,’ when raising nearly $130 million from investors of mostly Indian descent,” Eric Werner, director of the SEC’s Fort Worth regional office, told the outlet. “However, the defendants have been the furthest thing from ‘friends’ to their investors, raising money and paying false returns on a foundation of lies.”

 

https://therealdeal.com/texas/dallas/2023/10/25/nanban-ventures-raised-130m-from-investors-in-alleged-fraud/

[Aquaman]

 

[Chevilopuvvu]

Madrasi galla culture lane mosam untadhemo

[ahimsavaadhi1]

33 minutes ago, Chevilopuvvu said:

Madrasi galla culture lane mosam untadhemo

Madrasi ani very specific Enduku bro… desi  consultancies are also pretty much same no 😂😂😂

Everyone is bakara 😂😂

[Ravi860]

1 hour ago, Aquaman said:

 

Indake expats lo chusa.. papam evaro $50k invested anta…

[Chevilopuvvu]

38 minutes ago, ahimsavaadhi1 said:

Madrasi ani very specific Enduku bro… desi  consultancies are also pretty much same no 😂😂😂

Everyone is bakara 😂😂

Scam e level ayihte undad vaa. Madrasi ante andhrollu aravollu .. iddarkiddar cheating batch

[ARYA]

2 hours ago, Ravi860 said:

An investment group that referred to itself as a “person you can trust” has allegedly been perpetrating fraud targeting Dallas-Fort Worth’s Indian American community.

Nanban Ventures LLC, a firm comprising three Frisco men, has raised nearly $130 million from hundreds of investors since April 2021, saying it was investing in technology and real estate. But “in classic Ponzi fashion,” Nanban allegedly used investors’ money to make fake distribution payments to other investors and siphoned off millions of dollars for themselves, as revealed in a recent complaint by the Securities and Exchange Commission, the Dallas Morning News reported. 

The SEC has issued a temporary restraining order, froze the company’s assets and taken additional measures to stop the alleged perpetrators — Gopala Krishnan, Manivannan Shanmugam and Sakthivel Palani Gounder — from operating.

“The defendants used the ‘Nanban’ branding, a word that means ‘friend,’ when raising nearly $130 million from investors of mostly Indian descent,” Eric Werner, director of the SEC’s Fort Worth regional office, told the outlet. “However, the defendants have been the furthest thing from ‘friends’ to their investors, raising money and paying false returns on a foundation of lies.”

 

https://therealdeal.com/texas/dallas/2023/10/25/nanban-ventures-raised-130m-from-investors-in-alleged-fraud/

nuvvu @perugu_vada ne one of the primarys ani talk

[ahimsavaadhi1]

7 hours ago, Chevilopuvvu said:

Scam e level ayihte undad vaa. Madrasi ante andhrollu aravollu .. iddarkiddar cheating batch

Gujju and Punjabi’s  Inka chudaledhu anukunta Nuvvu …they take you for granted … masth crazy danda chestharu