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Indian ‘con artist’ in US defrauds foreigners of 1000’s of {dollars}; jailed for 1 yr

HOUSTON: 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 residing in America of over USD 160,000 by falsely claiming to be a movie producer, in keeping with the Division of Justice.
Shiva Chandan Reddy Thudi of Texas’ Irving, who attended faculty in New Hampshire from 2015 to 2017, faces seemingly removing to India after serving his jail sentence, US Legal professional Scott W Murray mentioned in an announcement on Thursday.
In line with courtroom paperwork and statements made in courtroom, Thudi, throughout his faculty days, established relationships with and defrauded a number of people who have been international residents residing in the US.
He falsely advised his victims that he was in search of traders to share within the income of enterprise ventures that concerned his producing and distributing movies in America, the US Legal professional’s Workplace, District of New Hampshire mentioned.
In actuality, Thudi was not a film producer or distributor and, as a substitute, he used his sufferer’s cash for his personal private profit, it mentioned.
To maintain the scheme going, Thudi engaged in a traditional ponzi scheme by utilizing cash paid by later victims to pay supposed “returns” on the “funding” made by earlier victims, it mentioned.
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.
Moreover, he admitted that he used the victims’ cash for his private profit and to make lulling funds to maintain the scheme going, in keeping with the assertion.
In complete, Thudi stole greater than USD 160,000 from his victims, it mentioned, including that he faces seemingly removing to India after serving his jail sentence.
Fraudsters who domesticate after which exploit relationships in an effort to steal cash are criminals who have to be held liable for their conduct, mentioned US Legal professional Murray.
“By enjoying the function of movie producer, Shiva Chandan Reddy Thudi stole tens of 1000’s of {dollars} from starstruck victims he satisfied had the within monitor for investing in his films, however our investigation into his ponzi scheme uncovered him for what he actually is, a con artist,” mentioned Joseph R Bonavolonta, Particular Agent in Cost of the FBI Boston Division.
“With at this time’s sentence, he is being held accountable for his or her losses, and we would wish to take this chance to remind everybody that if an funding alternative sounds too good to be true, it most likely is,” Bonavolonta mentioned.
This matter was investigated by the FBI.

https://timesofindia.indiatimes.com/nri/indian-con-artist-in-us-defrauds-foreigners-of-thousands-of-dollars-jailed-for-1-yr/articleshow/77282957.cms

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