LAS VEGAS (KLAS) — Federal agents arrested a Las Vegas man on Wednesday on charges related to a scheme that allegedly defrauded more than 10,000 people out of a combined $45 million, according to federal prosecutors.
Neil Chandran, 50, “[defrauded] investors by falsely promising extremely high returns” as part of several technology companies under the umbrella name ViRSE, prosecutors said.
“The indictment alleges that Chandran caused other individuals to make various materially false and misleading representations to investors,” prosecutors said.
In a press release, Department of Justice officials allege that investors were led to believe that Chandran’s companies were soon to be purchased by a wealthy group of investors. According to the indictment, no such group was prepared to buy the companies, and “a substantial portion of the funds were misappropriated for other business ventures and the personal benefit of Chandran and others.”
Chandran faces charges of wire fraud and engaging in monetary transactions in criminally derived property.
If convicted, he faces decades in prison. Because the case is federal, a booking photo of Chandran was not provided.
Prosecutors added Chandran’s assets include 39 Teslas, which are subject to federal forfeiture.
“The indictment also alleges that 100 different assets — bank accounts, real estate, and luxury vehicles, including 39 Tesla vehicles — are subject to forfeiture as proceeds of the fraud. U.S. Marshals and the FBI are seizing most of the assets pending resolution of the criminal case,” states the press release from the Department of Justice.
Potential victims of Chandran can contact authorities at justice.gov/criminal-vns/united-states-v-chandran.