(Washington, D.C.) – The Securities and Exchange Commission 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 , Manivannan Shanmugam, and Sakthivel Palani Gounder, and three other entities that they control.
The SEC’s ongoing investigation is being conducted by Akita Adkins, Clemon Ashley, Laura Bennett, and Jason Braun of the Fort Worth Regional Office under the supervision of Samantha Martin, Melvin Warren, B. David Fraser, and Mr. Werner.
