NEW ALBANY, OH. (WMBD)– Rathnakishore Giri, 27, of New Albany was arrested today on criminal charges related to a multimillion-dollar Ponzi scheme involving digital currency according to a Justice Department memo.

Giri allegedly misled investors by promoting himself as an expert in cryptocurrency and Bitcoin. He had promised investors lucrative returns with no risk to principal investment amounts. In reality, he used the money from new investors to pay off old investors, reminiscent of a Ponzi scheme.

With five counts of wire fraud on the indictment, he may face a maximum penalty of 20 years on each count.

The FBI has encouraged anyone who may be a victim in this case to contact them here.