Weaver Dairy Road Improvement - Complete Streets NC Salaries. The N&O reached out to multiple investors on Tuesday and learned they have hired an attorney to represent them in the bankruptcy case. Neppalli allegedly used the funds from these victims to pay back earlier investors who believed that he was returning their original investment and legitimate capital gains. 97.9 The Hill WCHL: Flagship Station for Tar Heel Sports . Copyright 2023 Nexstar Media Inc. All rights reserved. Fraud can have an immediate and direct impact on people and communities, and the FBI remains determined to bring those who commit it to justice.. Join in the Fun at the Annual Open House! The indictment said Neppalli would then request a specific amount of money within a short timeframe, sometimes the same day, to facilitate closing the transaction. Cancel anytime Dozens attended a meeting Monday night at the Chapel Hill Library. Neppalli would allegedly promise a return of the principal investment plus a profit within a few months and sometimes ask his victims not to discuss the transaction with other members of the community or reference a non-disclosure agreement. Although we may not respond directly to you, please realize that any feedback you provide will help us improve our website. Neppalli used the funds to pay back other people he swindled as part of his scheme, said Michael C. Scherck, FBI acting special agent-in-charge, in the U.S. Attorney's release. Kumar Neppalli Archives - Chapelboro.com NC man arrested in Ponzi scheme defrauded people in the Indian community, FBI says,"Our investigation shows (Kumar) Neppalli abused the trust and confidence placed in him by fellow Indian-American community members," said an FBI agent on the former Chapel Hill traffic engineer's case. Bankruptcy documents filed in October 2021 with the U.S. District Court showed Neppalli owed nearly $2.5 million, including over $600,000 in debts with financial lenders, credit card providers and the Internal Revenue Service. Send your sample articles to [emailprotected], Prime Video's $300M Citadel: A Disappointingly Ordinary Spy Thriller. Posted by Brighton McConnell | Jan 20, 2023 | Crime, Local Government. Now, multiple victims are left without their much-needed savings.. According to the indictment, Kumar Arun Neppalli allegedly relied on his good standing within the Indian-American community inCary to defraud at least 12 victims or sets of victims into giving him money under the false pretense that he would be investing their money in a legitimate real estate development in the Orange County, according to U.S. Attorney Michael Easley.
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