SEC Obtains Emergency Relief
Monday, October 16, 2023
SEC Obtains Emergency Relief To Halt Nearly $130 Million Fraud Targeting Indian American Communit
FOR IMMEDIATE RELEASE
2023-223
Washington D.C., Oct. 16, 2023 —
The Securities and Exchange Commission today announced that it obtained a temporary restraining order, asset freeze, and other emergency relief to halt an ongoing fraud targeting the Indian American community that has raised nearly $130 million since April 2021. The fraud is allegedly being conducted by Nanban Ventures LLC, its three founders Gopala Krishnan (aka GK), Manivannan Shanmugam, and Sakthivel Palani Gounder (collectively, Founders), and three other entities that the Founders control.
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