A federal grand jury in New Haven has indicted Elmin Redzepagic, 24, of Wolcott, on charges connected to an alleged cryptocurrency fraud scheme. The announcement was made by David X. Sullivan, United States Attorney for the District of Connecticut, and Thomas Demeo, Special Agent in Charge of IRS Criminal Investigation in New England.
According to the indictment, from May 2021 through March 2025, Redzepagic presented himself as a successful cryptocurrency investor who promised high returns to investors. After receiving their initial investments, he informed victims they had earned significant profits but would need to pay additional "gas fees" to withdraw these funds. He claimed to be part of a team led by an individual known as "The Chef," who allegedly managed the distribution of profits.
The indictment states that instead of investing the funds as promised, Redzepagic transferred them to Stake.com, an offshore gambling platform. He used this platform both to hold proceeds from the scheme and generate cryptocurrency addresses for victims to send Bitcoin. Throughout the operation, he also made large payments back to some victims in order to prolong the scheme.
Authorities allege that Redzepagic lost approximately $950,000 belonging to multiple victims through gambling activities on Stake.com.
Additionally, it is alleged that when interviewed by IRS Criminal Investigation agents in September 2023, Redzepagic provided false statements.
On January 20, 2026, Redzepagic was charged with seven counts of wire fraud and eleven counts of international money laundering—each carrying a maximum sentence of twenty years—and three counts of making false statements to IRS agents—each carrying up to five years in prison.
Redzepagic most recently lived in Florida. He appeared before U.S. Magistrate Judge Thomas O. Farris in Hartford and pleaded not guilty; he was released on a $500,000 bond.
U.S. Attorney Sullivan stated: "An indictment is not evidence of guilt. Charges are only allegations, and a defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt."
The Internal Revenue Service's Criminal Investigation Division is handling the investigation. Assistant U.S. Attorney Susan Wines is prosecuting the case.
