Taylor Swift's husband Travis Kelce duped by Indian-origin man in $35-million Ponzi scheme | World News

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. Louis, according to the US Attorney's Office for the Eastern District of Missouri, according to a Reuters report.He was also ordered to pay $31.35 million in restitution.According to court documents, Jawahar is from India and had been living in the US without legal status since 2005, The Associated Press reported.Also Read | Who is Siddharth Jawahar? Investment advisor linked to Travis Kelce in multimillion-dollar fraud caseTravis Kelce's name mentioned in courtTelevision station KMOV reported that the prosecutor mentioned Kelce's name in court without providing further details. It remains unclear when Kelce invested in the scheme or how much money he put into it.According to a news release issued by the US Attorney's Office, Jawahar operated a Texas-based investment company called Swiftarc Capital LLC, which began accepting money from investors in 2015.Jawahar put all the money he accepted into a single investment, which subsequently declined in value.However, he did not inform investors about the loss and instead told them that their investments were generating returns. He then used money from newer investors to repay earlier investors, operating the business as a Ponzi scheme.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.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.Also Read | Why is Tom Cruise at Chiefs vs Broncos game tonight? Is he a Chiefs fan? NFL appearance with Taylor Swift sparks frenzyKelce and other athletes invested moneyKelce, 36, may not have been the only professional athlete who invested money with Jawahar.A 2021 Forbes article examining the growing financial portfolio of NBA guard Gary Harris included several comments from Harris about his investments. Among them was the Swiftarc Ventures Labs Fund, for which Jawahar was the co-founder and managing partner.Harris also spoke positively about how much he had learned from Jawahar in the Forbes article.The report identified other athletes who had invested with Swiftarc, including Kelce and NBA players Tim Hardaway Jr. and Mason Plumlee.According to Spotrac, Kelce, Hardaway and Harris have each earned more than $111 million during their careers.Kelce's connection to the case comes as his profile has grown even further following his relationship and marriage to pop superstar Taylor Swift. The couple married in July, and Forbes estimated Swift's net worth at $2.1 billion on the day of their wedding.