Everyone remember Arun Kumar Neppalli, an NRI from the state of North Carolina was arrested on January 17th 2023 for an investment scam. NRI2NRI.COM reported about Arun’s Ponzi fraud scheme and arrest back in 2023. Click here for that coverage.
According to CBS17, it seems like the 57 years old Arun Kumar Neppalli minted money from his investors pulling into a fraud Ponzi scheme. His weapon was the trust and relations built in the fellow Indian American community around the Triangle area of North Carolina. Later, he filed for bankruptcy.
Arun Kumar Neppalli was pled guilty and sentenced to 44 months in prison and was ordered to pay almost $1 million in restitution to his victims. The United States Attorney for the Eastern District of North Carolina, Michael F. Easley, Jr., warns investors to be aware of such affinity fraud.