According to the indictment, Patel allegedly operated Royal Investments as a Ponzi scheme, using money collected from new investors to repay those who had invested earlier (AI Generated Image)

A MAN hailing from Gujarat, living in New Hampshire, USA, has been indicted on three counts of wire fraud for allegedly running a $2-million Ponzi scheme in which he promised friends and acquaintances guaranteed annual returns of up to 16 per cent on stock market investments.

Kevin Patel, 40, a resident of Pelham, allegedly solicited nearly $2 million through a purported investment firm, Royal Investments, which he founded in 2018 and described as “The Company of Wealth & Trust”.…