Travis Kelce among 64 victims as India-born man jailed for $35 million Ponzi scheme

Siddharth Jawahar, a 38-year-old man from India who ran Texas-based investment company Swiftarc Capital LLC, has been sentenced to 11 years in federal prison for operating a Ponzi scheme that prosecutors said defrauded 64 victims, including Kansas City Chiefs tight end Travis Kelce.

US District Judge Zachary Bluestone handed down the sentence on Tuesday and ordered Jawahar to pay $31.35 million in restitution to the victims, as per AP.

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According to the US Attorney's Office for the Eastern District of Missouri, Jawahar's company received more than $35 million from investors between July 2016 and December 2023. Prosecutors said only about $10 million of that money was invested.

Instead, prosecutors said Jawahar used money from new investors to repay earlier investors while also using funds to finance an extravagant lifestyle that included luxury apartments in New York City and Austin, Texas, private jet travel, luxury hotel stays, shopping sprees and memberships at private clubs across the US.

Jawahar was indicted by a grand jury in 2023 and pleaded guilty in January to three counts of wire fraud.

Travis Kelce among 64 victims

Kelce was identified as one of the victims during Jawahar's sentencing hearing on Tuesday.

A prosecutor briefly mentioned the NFL star as one of Jawahar's high-profile victims, according to an NBC News court reporter who was present during the hearing. No further details about how Kelce was affected were discussed in court.

St. Louis news station KMOV-TV also reported that prosecutors identified Kelce as one of the victims but did not provide further details.

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A 2021 Forbes article had said Kelce invested in a fund established by Jawahar's company Swiftarc.

Robert Patrick, a spokesperson for the US Attorney's Office for the Eastern District of Missouri, said there were 64 victims in total but declined to answer questions about Kelce's connection to the case. Kelce's representatives did not immediately respond to requests for comment.

How the scheme operated

Prosecutors described Jawahar's operation as a classic Ponzi scheme in which money collected from new investors was used to make payments to earlier investors.

Between July 2016 and December 2023, Swiftarc Capital took in more than $35 million from investors but invested roughly $10 million, according to the US Attorney's Office.

Prosecutors said some of the money was instead used to fund Jawahar's lifestyle, including private jet trips, luxury accommodation, expensive outings, shopping and private club memberships.

An attorney for Jawahar declined to comment on his connection to Kelce. He described his client as a “very good man” who “made some very serious mistakes and is taking ownership of all of it.”

Jawahar from India, court documents say

Court documents said Jawahar is from India and had been living in the US without legal status since 2005.

Prosecutors also accused Jawahar of taking steps to interfere with the investigation after his indictment.

They said he tried to coach one of his victims into providing a favourable statement to the FBI, lied about his immigration status and attempted to get a relative to remotely wipe his iPhone to conceal evidence.

Congressman sought maximum 48-month sentence

Before Jawahar was sentenced, Rep. Sam Graves, a Republican from Missouri, asked Bluestone to impose a maximum prison term of 48 months.

In a September 10 letter, Graves cited educational programmes Jawahar helped establish at the jail where he had been held and said he “chose accountability, actively cooperating with authorities to streamline and maximize the financial recovery of restitution.”

The US Attorney's Office said Jawahar's failure to begin repaying his victims was a “major factor” cited by Bluestone during Tuesday's sentencing hearing.

Jawahar was ultimately sentenced to 11 years in federal prison and ordered to pay $31.35 million in restitution to the victims of the scheme.

With inputs from agencies