Taylor Swift’s husband and Kansas City Chiefs tight end Travis Kelce was among the victims allegedly duped in a $35 million Ponzi scheme run by Indian-origin man Siddharth Jawahar , who has been sentenced to 11 years in prison.
Jawahar had pleaded guilty to three counts of wire fraud in January in the US District Court in St. Among them was the Swiftarc Ventures Labs Fund, for which Jawahar was the co-founder and managing partner. Jawahar is from India and had been living in the US without legal status since 2005, The Associated Press reported, according to court documents. Jawahar operated a Texas-based investment company called Swiftarc Capital LLC, which began accepting money from investors in 2015, according to a news release issued by the US Attorney’s Office. The US Attorney’s Office said Jawahar received more than $35 million from investors but invested only around $10 million between July 2016 and December 2023. A 2021 Forbes article examining the growing financial portfolio of NBA guard Gary Harris included several comments from Harris about his investments.
Louis, according to the US Attorney’s Office for the Eastern District of Missouri, according to a Reuters report. However, he did not inform investors about the loss and instead told them that their investments were generating returns. Prosecutors also said Jawahar used funds from the investment operation to finance what they described as “an extravagant lifestyle”, including private jets, luxury living, elegant dining and memberships at private clubs.
He then used money from newer investors to repay earlier investors, operating the business as a Ponzi scheme.
