Two Indian brothers caught doing crypto fraud in America, may be sentenced to 20 years
Two Indian brothers Ishaan Wahi and Nikhil Wahi will face trial in the US for their alleged involvement in crypto fraud. The duo, along with their Indian-American friend Samir Ramani, allegedly made illegal profits in the first crypto insider trading scheme. He is accused of raising a total of $1 million from illegal deals. If the charges are proved, he could face 20 years in prison.
Damian Williams, US Attorney for the Southern District of New York, revealed the unraveling of an indictment involving the two Indian brothers and their accomplices. Similarly, Michael Driscoll, assistant director-in-charge of the New York Field Office at the Federal Bureau of Investigation (FBI), indicated that the suspects face charges of wire fraud.
Driscoll revealed that the suspects used the scheme to perpetuate insider trading in cryptocurrency assets. According to the assistant director, this was done using confidential information on crypto assets on Coinbase. He further said that the accused obtained information about the properties to be listed on the exchange in order to perpetuate the illegal act. In addition, the US SEC has also filed an insider trading lawsuit against three suspects.
Attorney said – New York Southern District will take legal action against fraudsters
US Attorney says allegations against two Indian brothers and their friends prove Web3 to be a regulated sector. He told how he had uncovered the first case of insider trading related to those NFTs last month. Now, Williams says he is disclosing the first insider trading case involving crypto markets. According to the attorney, the authority wants to send a strong message to others by punishing the criminals. According to him, cheating is a crime, wherever and in any form. Furthermore, he reaffirms the commitment of the Southern District of New York to bring every fraudster to justice.
According to the investigation, both the Indian brothers live in Seattle while their friend Ramani lives in Houston. Both Ishaan and Nikhil were caught in Seattle on Thursday. Now, they will face trial in the United States District Court in the Western District of Washington. According to reports, Ramani is still in the process of going to India. However, the charges against these three suspects point to their involvement in the illegal trading of 25 different cryptocurrencies.
The investigation suggests that Ishaan could face a sentence of 20 years in prison for conspiracy to commit wire fraud and committing wire fraud. Similarly, Nikhil and Ramani are also likely to be jailed for 20 years for the same charges.
