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The Prosecutor's Office for the Southern District of New York has charged Idin Dalpur with organizing a multi-year Ponzi scheme using digital assets, the damage from which was estimated at $43 million.
The suspect was arrested on May 1. On the same day, the first hearing of the case was held.
According to the investigation, Dalpur operated a fraudulent scheme since 2020. He offered investors from the United States and other countries to make "huge profits" up to 42% per annum by investing in the Las Vegas hotel business and trading cryptocurrencies.
"[The detainee's] promises were a mirage. He used the classic pyramid scheme model, paying investors estimated profits with other investors ' money. Instead of using the funds as promised, Dalpur spent lavishly on himself, " Prosecutor Damian Williams added.
The authorities noted that the accused gambled away about $1.7 million from the victims ' funds, covered debts with them, and also paid for the education of his children in a private school.
Dalpur lied to investors when they tried to get their money back. He once claimed that his company's funds were temporarily frozen by the bank due to"server hacking."
During a conversation with a group of depositors in November 2023, he is alleged to have directly confessed to fraud, fabrication of documents and embezzlement of money.
"What you already have, you have. You can put me in jail right now," Dalpur said at the time.
According to the charges, the man faces up to 20 years in prison.
• Source: https://www.justice.gov/usao-sdny/pr/manhattan-man-charged-running-43-million-ponzi-scheme
The suspect was arrested on May 1. On the same day, the first hearing of the case was held.
According to the investigation, Dalpur operated a fraudulent scheme since 2020. He offered investors from the United States and other countries to make "huge profits" up to 42% per annum by investing in the Las Vegas hotel business and trading cryptocurrencies.
"[The detainee's] promises were a mirage. He used the classic pyramid scheme model, paying investors estimated profits with other investors ' money. Instead of using the funds as promised, Dalpur spent lavishly on himself, " Prosecutor Damian Williams added.
The authorities noted that the accused gambled away about $1.7 million from the victims ' funds, covered debts with them, and also paid for the education of his children in a private school.
Dalpur lied to investors when they tried to get their money back. He once claimed that his company's funds were temporarily frozen by the bank due to"server hacking."
During a conversation with a group of depositors in November 2023, he is alleged to have directly confessed to fraud, fabrication of documents and embezzlement of money.
"What you already have, you have. You can put me in jail right now," Dalpur said at the time.
According to the charges, the man faces up to 20 years in prison.
• Source: https://www.justice.gov/usao-sdny/pr/manhattan-man-charged-running-43-million-ponzi-scheme
