A crypto fraudster finally receives his sentence at a very young age as he ends up in prison for serving 8 years. Pleaded guilty before the US Court and admitted his offence of committing fraud and perjury by launching Ponzi initial coin offering scheme.
Sohrab Sharma – a founder of bogus crypto trade platform called Centra Tech – has finally been convicted by the Court of law. The allegations and charged levelled against Sharma included launching of bogus crypto trading platform and introducing Ponzi crypto scheme. As per the information provided to the Court, through his nefarious scheme, Sharma received US$ 36 Million as investment from various people.
Further details of the case suggested that when the Authorities came to know that Centra Tech was a fraud, they immediately took action against the firm. The man running the operations of Centra Tech i.e. Sharma was arrested and his trading platform was immediately shut down. Since the day of Sharma’s arrest, the trading platform of Centra Tech is defunct.
It was stated before the Court that the accused launched a fake scheme, the purpose of which was to earn money through fraud. It was further stated that in order to imitate that the trading platform was authentic, Sharma sought to promote his business through celebrities. The celebrities who unknowingly became part of his nefarious designs were the famous DJ Khaled and undisputed boxing champion, Floyd Mayweather.
Sharma, who is an Indian, is widely known by his made up name “Sam”. However, when the case of Sharma was brought before the Court, the chances of his going unpunished were almost to none. But when the prosecution started the case on 4th March, 2021, Sharma pleaded guilty before the Court of law. He admitted that he violated Security laws of the State and engaged in activities which involved fraudulent online transfers and other frauds.
In addition, he stated that the scheme he launched purporting to offer ICOs was part of his fraudulent scheme. He also confirmed that during the course of operations of his firm, he successfully acquired huge number of clients. From these clients he received funds to the tune of US$ 36 Million which was given to the firm for investment. He said that there wasn’t any CEO of Centra Tech who had received education from Harvard, which was only a lie.
In fact he was the one who was running day-to-day affairs and management of the firm.
After hearing the arguments of both sides, Judge Lorna G. Schofield, a District Judge of the US, passed final judgement. She told the accused that the Court has come to the conclusion that you are guilty of charges and allegations relating to fraud and perjury. Under the US Laws, the accused is liable to be punished by serving 8 years’ Federal Imprisonment.
After receiving sentence, Sharma apologized to his family and friends as well as to the investors to whom he owed money.