Federal prosecutors in Connecticut indicted Elmin Redzepagic on charges that he ran a crypto investment fraud from 2021 to 2025, collecting investor funds under false pretenses and gambling away about $950,000 on offshore gaming sites. The indictment includes counts of wire fraud, international money-laundering and false statements to IRS agents; Redzepagic pleaded not guilty and was released on bond.

A federal indictment unsealed in Connecticut alleges that Elmin Redzepagic orchestrated a multi-year cryptocurrency investment fraud that defrauded individuals out of nearly $950,000 between 2021 and 2025. Prosecutors say Redzepagic solicited funds for purported crypto investments, misrepresented how capital would be used, and diverted investor money to offshore gaming and gambling platforms instead of legitimate trading or custodial accounts. The case charges wire fraud, international money-laundering, and making false statements to IRS agents during the investigation. Court filings indicate forensic tracing of bank and crypto transfers helped map a pattern of diversions and losses. After his arraignment Redzepagic pleaded not guilty and was released on bond pending trial; pretrial conditions include travel restrictions and financial reporting. The matter underscores how purported crypto investment schemes can mask traditional fraud behaviors while leveraging cross-border payment rails and opaque intermediaries. Prosecutors described the indictment as part of ongoing efforts to hold accountable those who exploit investor trust in nascent digital-asset products and to recover funds where possible for victims.