A 33-year-old Connecticut man, Elmin Redzepagic, has been indicted on 21 criminal counts tied to an alleged cryptocurrency investment scam that prosecutors say cost investors nearly $1 million. According to the U.S. Department of Justice, Redzepagic presented himself as a crypto expert, collected money from investors, and then lost a large share of those funds on the offshore gambling platform Stake.com.
Prosecutors say the conduct ran from May 2021 to March 2025
The alleged scheme took place between May 2021 and March 2025. During that period, investors were told their money was being managed for strong returns. Prosecutors say that was false. Instead of handling the funds as promised, Redzepagic allegedly used investor money for gambling losses while continuing to persuade clients to commit more capital.
Fake profits and invented “gas fees” were part of the alleged scheme
Authorities also say the deception went beyond false promises of returns. The indictment describes fabricated claims about withdrawal-related “gas fees”, which victims were allegedly told they needed to pay in order to access profits that did not actually exist. By using a term familiar to digital asset users, prosecutors argue, the scheme gave a layer of credibility to demands for more money.
Charges include wire fraud, money laundering, and false statements
Redzepagic is charged with 3 counts of making false statements to IRS Criminal Investigation agents, 7 counts of wire fraud, and 11 counts of international money laundering. The case details cited in the report state that each false-statement count carries a potential sentence of up to 5 years, while each wire fraud and international money laundering count can carry up to 20 years.
“The Chef” remains an open question in the case
The investigation also references a figure identified only as “The Chef”. It is still unclear whether that name refers to another person under scrutiny or an alias allegedly used by Redzepagic. In a court appearance this week, he pleaded not guilty to all charges and was released on a $500,000 bond. His defense team had not commented, and the case remains in its early stages.