SEC Pursues $45M Scam Based in Fake Blockchain Technology

“We allege the defendants falsely claimed access to valuable blockchain technology and that the imminent sale of the technology would generate investment returns of more than 500,000 times for investors,” said Daniel Gregus, Director of the SEC’s Chicago Regional Office. The money actually went to purchase luxury cars, real estate and a boat for the personal use of Chandran and the others, in addition to being misappropriated for his other businesses, according to the SEC and Department of Justice.