A Wolcott resident has been indicted on charges related to an alleged cryptocurrency fraud scheme, according to a statement from 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.
Elmin Redzepagic, 24, is accused of presenting himself as a successful cryptocurrency investor between May 2021 and March 2025. Authorities allege that Redzepagic promised high returns to investors but instead transferred their funds to Stake.com, an offshore gambling platform. He reportedly used this platform both to hold proceeds from the scheme and to generate cryptocurrency addresses for victims to send Bitcoin.
The indictment states that after receiving initial investments, Redzepagic told victims they had earned substantial profits but needed to pay additional “gas fees” before withdrawing their money. He also claimed he was part of a team led by someone known as “The Chef,” who supposedly decided how and when investors would receive profits. Investigators say these claims were false and that the invested funds were not actually used for cryptocurrency trading.
Authorities allege that Redzepagic lost approximately $950,000 belonging to multiple victims through gambling on Stake.com.
Redzepagic is also accused of making several false statements during an interview with IRS Criminal Investigation agents in September 2023.
On January 20, 2026, a federal grand jury in New Haven returned a 21-count indictment against Redzepagic. The charges include seven counts of wire fraud and eleven counts of international money laundering—each carrying a maximum penalty of 20 years in prison—as well as three counts of making false statements to IRS agents, which carry up to five years each.
Redzepagic recently lived in Florida. He appeared before U.S. Magistrate Judge Thomas O. Farris in Hartford, pleaded not guilty to all charges, and was released on a $500,000 bond.
U.S. Attorney Sullivan emphasized: “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 leading the investigation into this case. Assistant U.S. Attorney Susan Wines is prosecuting the matter.
