San Francisco, CA— Ramesh Kris Nathan, an Indian-American tech entrepreneur, was convicted last week on six counts of wire fraud and two counts of money laundering.
Nathan deceived investors by fabricating a fictitious technology company, Relativity Research Fund, falsely claiming it had $29.8 billion in profits and over 15,000 employees. In reality, the company had no revenue and was merely a rented office space in downtown San Francisco.
Key Facts:
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Conviction Date: April 28, 2025
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Charges: Six counts of wire fraud and two counts of money laundering
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False Claims: Nathan asserted his company had $29.8 billion in profits and 15,000 employees
Nathan lured investors by promoting grandiose plans of space exploration technology, including a non-existent "Aten Space Vehicle."
He claimed Relativity Research Fund was among the most profitable firms in history. However, the company had no actual operations or revenue.
Nathan used the funds for personal gain, transferring money to overseas accounts and associates.
Many of Nathan's victims were veterans, whom he deceived with promises of groundbreaking technology and substantial returns.
Prosecutors revealed that Nathan's fraudulent activities spanned several years, during which he fabricated financial records and misled investors about the company's legitimacy.
The case underscores the importance of due diligence and skepticism in investment opportunities, especially those promising extraordinary returns.
Nathan faces up to 20 years in prison for each wire fraud count and 10 years for each money laundering charge. Further court proceedings are scheduled for June.
"Ramesh Nathan spun fantastic tales about space travel technology and advanced robotics to entice investors into funding his company, but all he had to offer was science fiction," said Acting U.S. Attorney Patrick D. Robbins.
Do You Know?
The fraudulent company, Relativity Research Fund, claimed a $29.8 billion profit in one quarter of 2016—a figure that would have placed it among the most profitable companies in history. In reality, it had no revenue or legitimate business operations.
Key Terms:
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Wire Fraud: A federal crime involving the use of telecommunications or the internet to defraud individuals or entities of money or property.
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Money Laundering: The process of concealing the origins of money obtained through illegal means by transferring it through legitimate businesses or accounts.
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Relativity Research Fund: A fictitious company created by Nathan to deceive investors, claiming involvement in advanced space technology.