An Indian-origin businessman has been sentenced to two-and-a-half years in federal prison for orchestrating an USD 1.3 million Ponzi scheme that caused losses to more than 40 victims.

According to court documents, Amrit Jaswant Singh Chahal (31) of Fairfax operated an investment fraud scheme through a company established by him. Chahal held out the company as a private capital investment group that sought to earn profits and investment returns on behalf of its clients by purchasing, trading, or otherwise investing in commodities for future delivery and other financial instruments, the documents stated.