FBI Arrests Alleged Ponzi Mastermind in $43M Scheme

• FBI arrests Dalpour, accused of $43M Ponzi scheme, using fabricated docs and fake promises of 42% returns.
• Scheme uncovered as victims confronted Dalpour in Nov 2023, leading to confession and arrest.
• Recent crackdowns show U.S. authorities’ focus on Ponzi schemes in crypto, including “cryptoFX” and IcomTech cases.

The FBI arrested a New York resident alleged to be the mastermind behind a complex Ponzi scheme that deceived the investors at least $43 million over several years. Damian Williams, the US Attorney for the Southern District of New York, and James Smith, the Assistant Director in Charge of the New York Field Office of the FBI, charged Idin Dalpour on charges of carrying out fraudulent investment activities.

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Dalpour reportedly attracted unsuspecting investors by promising substantial returns, concealing the true nature of his activities behind deceptive opportunities in both the Las Vegas hospitality industry and cryptocurrency trading. The FBI accusation reveals that Dalpour sought investments through an entity under his control, misrepresenting its interests in these sectors.

Dalpour supposedly made up contracts, faked bank statements and made believable emails that made it seem like the projects they were investing in were really being done. Investors were drawn into the digital currency with the promise of annual returns of 42% and more while also being lured by the prospect of insurance and escrow securities to ensure investment security.

Contrary to promises made, investor funds were allegedly diverted to fulfill returns for earlier investors, cover personal expenses, including substantial gambling losses, and finance private school tuition for Dalpour’s children. 

Unraveling of Scheme and Subsequent Arrest

The unraveling of Dalpour’s scheme started when a group of victims confronted him in November 2023, leading Dalpour to confess and acknowledge the severity of his actions. This arrest is the latest in a succession of detentions made by U.S. authorities for cases related to Ponzi schemes using cryptocurrency over the past year.

In March 2023, the U.S. Securities and Exchange Commission (SEC) exposed the fraud called “cryptoFX,” amounting to $300 million without the knowledge of investors from the Latino community in the U.S. and abroad. Subsequently, a New York jury convicted two individuals involved in promoting the collapsed fake crypto mining and trading scheme, IcomTech.

Most recently, Irina Dilkinska, the former head of legal and compliance for the OneCoin fraud scheme, received a four-year jail sentence after admitting to her involvement in laundering millions of dollars.

Read Also:

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