The Federal Bureau of Investigation (FBI), in conjunction with a New York court, arrested a local resident on suspicion of orchestrating an elaborate pyramid scheme that defrauded investors of $43 million.
On May 1, Damien 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, charged Idin Dalpur with fraud, including fraudulent investment opportunities. A Las Vegas hospitality venture and cryptocurrency trading company.
Dalpur allegedly lured unsuspecting investors with promises of large profits, but it was just a facade to hide a large-scale pyramid scheme.
According to the convictions outlined in the FBI's indictment, Dalpur misrepresented his interests in the hospitality and cryptocurrency sectors and solicited investments through companies he controlled.
As part of a virtual currency trading scheme, he claimed to have purchased virtual currencies wholesale and sold them at a profit to retail investors.
Investors were attracted by the promise of annual returns of up to 42%, along with the guarantee of investment security through insurance and escrow agreements.
Dalpur allegedly forged contracts, falsified bank statements and exchanged fictitious emails to trick investors into believing the venture was viable.
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The FBI said the investors' funds were instead used to achieve profits for previous investors, cover personal expenses, including exorbitant gambling losses, and cover private school tuition for Dalpur's children. He says he was siphoned off.
FBI Deputy Director James Smith said:
“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.”
The unraveling of Dalpur's plan occurred in November 2023 when a group of victims confronted Dalpur. Dalpur then confessed and acknowledged the gravity of his actions, saying:[w]I already have the hat, I have it, you can put me in jail right now. Like now. ”
This is one of several cryptocurrency-related pyramid scheme-related arrests made by U.S. authorities last year.
On March 15, the U.S. Securities and Exchange Commission (SEC) announced that a $300 million Ponzi scam masquerading as a cryptocurrency trading platform called CryptoFX targeted crypto investors in the Latino community in the U.S. and two foreign countries. The scheme was uncovered.
A few days later, on March 18, a New York jury convicted two people who acted as promoters of the now-defunct fake cryptocurrency mining and trading scheme IcomTech.
Most recently, on April 4, Irina Dyrkinska, the former head of legal and compliance for the multibillion-dollar OneCoin fraud scheme, was sentenced to four years in prison after pleading guilty to her role in laundering millions of dollars. I received it.
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