An Indian-American named Siddharth Jawahar, aged 36, has been accused of running a Ponzi scheme, a fraudulent investment operation.
He has been indicted by a grand jury, and the FBI is urging victims of his scheme in Texas to come forward. Jawahar is currently in prison until his sentencing.
The FBI is also looking for potential victims in the Miami area.
The indictment states that from July 2016 to around December 2023, Jawahar received over $35 million from investors but only invested about $10 million.
Instead, he used the rest for a lavish lifestyle, including private plane trips, luxury hotels, and expensive restaurants.
Most of the funds were invested in a single venture, Philip Morris Pakistan (PMP), without informing investors about its declining value.
Even after the Texas State Securities Board revoked his authority in June 2022, Jawahar continued to solicit funds fraudulently, even receiving $1 million from an investor after the board’s order.
Jawahar faces serious charges, including wire fraud, punishable by up to 20 years in prison and a $250,000 fine each, and investment adviser fraud, punishable by up to five years in prison and a $10,000 fine.
