The founder of the company behind the IRL social media app was charged with defrauding investors of $170 million in the company's 2021 funding round, the Department of Justice said Wednesday.

A federal grand jury in Oakland federal court indicted Abraham Shafi, 38 of Hawaii, with wire fraud , securities fraud and obstruction in connection with the scheme, the DOJ said.

Shafi was the CEO of Get Together, the parent company of IRL. The company was valued at $1 billion after its 2021 Series C funding round. IRL, which shuttered in June 2023, was a platform for users to organize events and offline activities. It found some traction in 2018, ranking among Apple's top social apps.

Shafi allegedly spent millions on incentive advertising to boost installs of the app leading up to the Se

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