The SEC obtained a temporary restraining order, asset freeze and other emergency relief to halt the alleged ongoing fraud by the founders Gopala Krishnan,...
The SEC obtained a temporary restraining order, asset freeze and other emergency relief to halt the alleged ongoing fraud
The SEC obtained a temporary restraining order, asset freeze and other emergency relief to halt the alleged ongoing fraud by the founders Gopala Krishnan, Manivannan Shanmugam and Sakthivel Palani Gounder, and the multiple entities they own based out of Plano.
Krishnan claimed in a YouTube video that he achieved returns exceeding 100%, according to the SEC complaint, and Nanban Ventures claimed in its memorandums that Krishnan would manage the funds to generate returns that would “consistently overperform the S&P 500 Index.”“Through allegedly false promises of unrealistic returns and lies about the success of their investing strategies, the defendants raised nearly $130 million from investors,” said Gurbir S.
The founders used word-of-mouth in D-FW’s Indian Community and Krishnan’s YouTube videos to connect potential investors with the foundation. The founders raised $116.5 million from investors from 2020 to September 2021 for four hedge funds, all of which underperformed the S&P 500.When investors complained about the returns and requested their money back, the founders closed the last two hedge funds and returned the investor’s original capital with a small profit.
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