FBI Cracks Down on $43M Ponzi Scheme Tied to Cryptocurrency and Las Vegas Ventures

A local resident was arrested by the Federal Bureau of Investigation (FBI) and a New York court for allegedly running an intricate Ponzi scheme that defrauded investors of an astounding $43 million.

Idin Dalpour faced accusations from James Smith, the Assistant Director in Charge of the FBI’s New York Field Office, and Damian Williams, the United States Attorney for the Southern District of New York. The charges center on fictitious investment possibilities that allegedly involve a bitcoin trading business and a hotel development in Las Vegas.

Dalpour is accused of enticing investors with false promises of substantial returns, masking the intricate Ponzi scheme beneath a façade of legitimacy. The indictment reveals his alleged solicitation of investments through misrepresented interests in the hospitality and cryptocurrency sectors, alongside fabricating documents and correspondence to dupe investors.

Misappropriated Funds and Personal Expenses

Investigations unveil a trail of misappropriated funds, diverted to fulfill earlier investors’ returns, finance personal expenses, and cover exorbitant gambling losses and private school tuition for Dalpour’s children. James Smith, the assistant director of the FBI, underscores the bureau’s commitment to economic justice, ensuring accountability for Dalpour’s actions.

Dalpour’s scheme began to unravel when confronted by a group of victims in November 2023. His confession, acknowledging the gravity of his actions, marked a pivotal moment in the investigation, prompting swift action from law enforcement authorities.