The Federal Bureau of Investigation (FBI) arrested Manhattan resident Idin Dalpur on Wednesday morning on suspicion of orchestrating an elaborate, multi-year pyramid scheme.
Dalpur, 39, is accused of defrauding investors out of at least $43 million and faces up to 20 years in prison, according to an undisclosed indictment filed by the U.S. Attorney's Office for the Southern District of New York. It is said that there is a possibility that
Inside a multi-year crypto Ponzi scheme
On May 1, Damian Williams, United States Attorney for the Southern District of New York, and James Smith, Assistant Director in Charge of the FBI's New York Field Office, indicted Idin Dalpur on charges of fraudulent investment fraud. Fake Las Vegas Hospitality and Cryptocurrency Trading Business.
Dalpur lured investors with promises of high annual profits. “As alleged, Mr. Dalpur's promises were a mirage, and he was running a classic Ponzi scheme in which he used other investors' funds to pay investors purported returns,” Williams said. said.
The Manhattan resident is also said to have spent lavishly on himself, spending $1.7 million of investor funds to cover exorbitant losses on personal gambling. He also spent his clients' funds to cover their children's private school tuition.
The indictment alleges that between 2020 and 2024, Dalpur used fake contracts, bank statements and fictitious emails to trick investors into believing his claims of partnering with hotels and sports stadiums in Las Vegas. It is revealed that he lured the people into his plan.
Dalpur claimed that as part of a cryptocurrency trading scheme, he purchased cryptocurrency assets wholesale and sold them at a profit to retail investors. Similar to Las Vegas hospitality companies, investors were fooled into thinking annual profits would start at his 42%. Investors were also led to believe their investments were safe through the guise of insurance and escrow agreements.
FBI Deputy Director James Smith hypothesized that:
“Today's arrests demonstrate the FBI's dedication to upholding economic justice and ensuring that the actions of one individual do not come at the expense of another.”
According to the FBI, Dalpur's Ponzi scheme unraveled in November 2023 when a group of victims confronted him. Mr. Dalpur then admitted his deception and said, “What you already have, you have. You can put me in jail right now. Like right now.”
Dalpur is charged with one count of wire fraud, which carries a maximum sentence of 20 years in prison.
