According to ChainCatcher, the U.S. Securities and Exchange Commission (SEC) accused Neil Chandran and his accomplices of using fake blockchain technology to defraud investors. The SEC said the group lied about obtaining valuable blockchain technology and would sell it to investors, which would bring more than 500,000 times the return on investment. But in fact, the money raised from investors was used to buy luxury cars, real estate, and a boat for Neil Chandran and others' private use, and was also diverted to his other businesses.
Neil Chandran, who owns several companies, has been in jail since last year for fraud charges in the same case. Neil Chandran defrauded investors of more than $45 million through an intermediary called "CoinDeal" that claimed to be sharing information about pending transactions on the technology. (Source link)