The FBI arrested Manhattan resident Idin Dalpur yesterday morning on suspicion of orchestrating a $43 million Ponzi scheme involving a fictitious Las Vegas hospitality business and cryptocurrency trading business.
“Over a four-year period, Idin Dalpur allegedly lured his victims into investing in his purported entertainment and virtual currency trading businesses using false promises of high profits. and used the payments to satisfy other debts and personal expenses,” said FBI Assistant Director in Charge James. Smith said in a press release. “Defrauding millions of investors undermines customer confidence and prospective advisor confidence, which is essential to the success of investment markets.”
Dalpur's company, Maxben Group, mentions real estate, hospitality, entertainment venues, and professional sports teams, but does not appear to mention cryptocurrency trading. Instead, it was operated through a separate business, the FBI said.
“Mr. Dalpur falsely represented to investors that he purchased virtual currency wholesale and sold the virtual currency at a profit to individual investors,” prosecutors wrote in the indictment. “Like Las Vegas hospitality companies, Dalpur promised investors favorable annual returns and promised that their funds would be guaranteed. These statements were false.”
The Manhattan resident also allegedly used $1.7 million of investors' funds to cover personal gambling losses, more than $400,000 to Art Direct, and his children's private school tuition. .
Dalpur, 39, has been charged with one count of wire fraud and could face up to 20 years in prison if convicted.
The indictment alleges that from 2020 to 2024, Dalpur used fabricated contracts and false financial statements to lure investors into his scheme, including claiming partnerships with Las Vegas hotels and sports stadiums. has become clear. When questioned by investors, Dalpur admitted to deception, the FBI said.
This is not the first time Dalpur has been sued in connection with his business, Maxben Group.
Last month, two lenders sued Dalpur and his company for breach of contract, alleging they borrowed $2.5 million in 2023 and failed to repay it. Then, in September 2023, three investors filed a lawsuit alleging that the investors committed fraud and breached their contracts after investing a total of $5 million in his company over several years.
“This is a serious abuse of trust action,” the 2023 lawsuit says on behalf of three Dalpur investors. “He started with business connections and developed friendships with all three, eventually leading to Mr. Saleem, Mr. Rath and Mr. Schroeder investing over $5 million of their and their investors' funds. “I realized that I was in a position of trust” entering Mr. Dalpur’s business. ”
Editor's note: This article was written with the help of AI. Edited and fact-checked by Stacy Elliott.
