FBI Busts $43M Crypto and Las Vegas Hospitality Ponzi Scheme
The FBI arrested New York resident Idin Dalpour for defrauding investors of $43 million in a multi-year Ponzi scheme that included a Las Vegas hospitality business and crypto trading operation.
On May 1st, the Federal Bureau of Investigation (FBI), alongside a New York court, charged Dalpour.
According to a press release from the Manhattan District Attorney’s office, Dalpour allegedly lured unsuspecting investors with promises of substantial returns that were nothing more than a facade to conceal a large-scale Ponzi scheme.
The Scheme ran from 2020 through April 2024, targeting investors located in the U.S. and abroad.
Through an entity he controlled, Dalpour solicited investments in fictitious business ventures. These ventures included a Las Vegas hospitality enterprise and a crypto trading enterprise.
Today @SDNYLIVE charging IDIN DALPOUR with wire fraud in connection with a multi-year Ponzi scheme that defrauded investors of $43 million, purporting to have an interest in a Las Vegas hospitality enterprise and a cryptocurrency trading enterprise. pic.twitter.com/o4Bd0Jyus4
— Inner City Press (@innercitypress) May 1, 2024
Dalpour enticed investors with promises of lucrative annual returns starting at 42%. This was reinforced with purported insurance and escrow arrangements to create false security in their investments. US Attorney Damian Williams said:
“Idin Dalpour told investors that they could reap huge returns by investing through him in a purported Las Vegas hospitality business and a crypto trading operation.”
These ludicrous prospects were backed with fabricated contracts, falsified bank statements, and fictitious email correspondence which lulled investors into believing in the viability of the ventures.
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