A 26-year-old Indian “con artist” within the US state of Texas has been sentenced to 12 months and a day in jail for defrauding a number of international residents dwelling in America of over USD 160,000 by falsely claiming to be a movie producer, in response to the Department of Justice.
Shiva Chandan Reddy Thudi of Texas’ Irving, who attended school in New Hampshire from 2015 to 2017, faces seemingly removing to India after serving his jail sentence, US Attorney Scott W Murray stated in a press release on Thursday.
According to court docket paperwork and statements made in court docket, Thudi, throughout his school days, established relationships with and defrauded a number of people who have been international residents dwelling within the United States.
He falsely informed his victims that he was looking for buyers to share within the earnings of enterprise ventures that concerned his producing and distributing movies in America, the US Attorney’s Office, District of New Hampshire stated.
In actuality, Thudi was not a film producer or distributor and, as an alternative, he used his sufferer’s cash for his personal private profit, it stated.
To preserve the scheme going, Thudi engaged in a basic ponzi scheme by utilizing cash paid by later victims to pay supposed “returns” on the “investment” made by earlier victims, it stated.
When interviewed by the Federal Bureau of Investigation (FBI), Thudi admitted he stole substantial quantities of cash from the victims by promoting illusory possession pursuits in a number of movies to them.
Additionally, he admitted that he used the victims’ cash for his private profit and to make lulling funds to maintain the scheme going, in response to the assertion.
In whole, Thudi stole greater than USD 160,000 from his victims, it stated, including that he faces seemingly removing to India after serving his jail sentence.
Fraudsters who domesticate after which exploit relationships with a purpose to steal cash are criminals who have to be held liable for their conduct, stated US Attorney Murray.
“By playing the role of film producer, Shiva Chandan Reddy Thudi stole tens of thousands of dollars from starstruck victims he convinced had the inside track for investing in his movies, but our investigation into his ponzi scheme exposed him for what he really is, a con artist,” stated Joseph R Bonavolonta, Special Agent in Charge of the FBI Boston Division.
“With today’s sentence, he’s being held accountable for their losses, and we’d like to take this opportunity to remind everyone that if an investment opportunity sounds too good to be true, it probably is,” Bonavolonta stated.
This matter was investigated by the FBI.