The FBI recently apprehended Idin Dalpour, a New York resident, for orchestrating a Ponzi scheme that swindled investors out of $43 million over several years. Charged on May 1st by both the Federal Bureau of Investigation and a New York court, Dalpour allegedly deceived investors with promises of significant returns, masking the fraudulent nature of his operations.
Running from 2020 until April 2024, Dalpour’s scheme targeted investors in the United States and abroad. Under an entity he controlled, Dalpour solicited investments in fabricated ventures, including a Las Vegas hospitality business and a cryptocurrency trading operation.
To lure investors, Dalpour offered enticing annual returns of up to 42%, accompanied by false assurances of insurance and escrow arrangements. Fabricated contracts, falsified bank statements, and fictitious email exchanges further perpetuated the illusion of legitimacy, leading investors to trust in the viability of Dalpour’s ventures.
FBI Arrests New Yorker for $43M Ponzi Scheme Involving Crypto and Las Vegas (Credits: X)
The Las Vegas hospitality enterprise, one facet of Dalpour’s scheme, involved misrepresented contracts with a management company and a prominent hotel, as well as fabricated proceeds from entertainment packages and sports stadium visitors. Additionally, Dalpour misrepresented a crypto trading enterprise, claiming to buy cryptocurrency wholesale and sell it at a profit to retail investors.
In reality, investor funds were diverted to sustain earlier investors’ returns, while Dalpour misappropriated millions for personal expenses, including gambling losses, art acquisitions, and private school tuition. The scheme unraveled in November 2023 when confronted by victims, prompting Dalpour’s confession and subsequent arrest.
Dalpour’s arrest is part of a broader crackdown on cryptocurrency-related Ponzi schemes by US authorities. As cryptocurrency adoption increases, so does its exploitation in fraudulent activities, necessitating educational efforts to protect potential victims. FBI Assistant Director James Smith emphasized the bureau’s commitment to economic justice and preventing individuals like Dalpour from preying on others.
