New Delhi. Siddharth Jawahar, a Delhi man who moved to the United States for higher education, has been sentenced to 11 years in prison in a multi-million-dollar investment fraud case. A US district court sentenced the 38-year-old on September 15 for running a Ponzi scheme that defrauded investors of millions of dollars. Jawahar had pleaded guilty in January to three counts of wire fraud. The court also ordered him to pay around ₹301 crore in restitution to investors.
According to US prosecutors, Jawahar raised more than ₹336 crore from investors between July 2016 and December 2023 but invested only around ₹90 crore of the money. At least 64 victims have been identified in the case. They include NFL player Travis Kelce. NBA players Gary Harris, Tim Hardaway Jr. and Mason Plumlee were also among those who invested in funds linked to Jawahar.
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Jawahar moved from Delhi to the United States in 2005 at the age of 21 to study at the University of Texas at Austin. He began his professional career in the finance sector before moving into venture capital. Over the years, he established a profile in investment, entrepreneurship and philanthropy. He also served on the board of the Andy Roddick Foundation for around four years and was associated with several charitable organisations.
In accounts of his early life, Jawahar had spoken about his parents taking him and his sister to polio immunisation camps. He said those experiences influenced his desire to contribute to society. He later became associated with several charitable organisations and appeared alongside prominent figures from American public life. These connections and philanthropic activities helped build his public profile.
Jawahar founded Texas-based Swiftarc Capital LLC in late 2010 along with Frank Krasovec and Zohar Ziv. The company was registered as an investment adviser in 2013. Initially, the firm invested in securities linked to the food, beverage and retail sectors and generally avoided putting a very large share of the fund into a single security.
The strategy changed in 2015, when Jawahar began investing client money in Philip Morris Pakistan, a publicly listed company. According to prosecutors, by 2019 around 99 per cent of client funds had become concentrated in the company’s stock. The situation worsened as the stock declined in value. Texas regulators found that Swiftarc Capital and Jawahar had overvalued the illiquid position from September 2019 onwards.
By 2022, Jawahar’s business had expanded into several entities, including Swiftarc Ventures, Swiftarc Venture Labs Fund, Swiftarc Telehealth Labs Fund and Swiftarc Beauty Fund. Prosecutors alleged that these private investment funds used formal documents to solicit money from investors.
The central allegation in the case was that investors were given false information about how their money was being used and where it had been invested. According to prosecutors, Jawahar used money received from new investors to pay earlier investors while falsely claiming that investments were generating profits. Some investors were allegedly told that their money had been invested in specific companies even though the promised investments had not been made.
Prosecutors also alleged that substantial amounts of investor money were spent on private jet flights, expensive hotels, apartments in Austin and New York, private-club memberships, clothing and costly outings.
Jawahar’s social media photographs showed him with former US President Bill Clinton, television host Michael Strahan and actor Kevin Hart. His association with the Andy Roddick Foundation also contributed to his public image as a philanthropist.
After his indictment, prosecutors further alleged that Jawahar attempted to interfere with the investigation. According to the government’s case, he asked his sister to remotely erase his iPhone in an alleged attempt to remove evidence. He was also accused of providing false information about his immigration status and finances and of attempting to influence a victim before the person spoke with the FBI.
Before sentencing, Jawahar paid around ₹9 lakh to a public-relations firm for favourable publicity, according to a contract presented by prosecutors in court. A recorded jail call involving the firm’s founder also became part of the government’s account of the case.
US authorities’ records state that Jawahar was an Indian national who remained in the United States after his authorised period of stay expired. The records also refer to a previous conviction in Texas related to driving while intoxicated.
With the 11-year prison sentence and restitution order, the case has reached a major stage. The proceedings have also brought scrutiny to how formal investment structures, high-profile associations and a philanthropic public image were allegedly used to attract investors before the scheme collapsed and caused substantial financial losses.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
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