DJ Envy Denies Stealing Money As Real Estate Lawsuits Mount Up

DJ Envy finally addressed the Ponzi scheme allegations that have been haunting him for weeks, denying any wrongdoing Wednesday on "The Breakfast Club" ... the same platform he used to promote the side hustle some have called a scam.

Envy told listeners he's going against the advice of his legal counsel in defending his name ... but says he only embarked on the real estate venture with Cesar Piña in order to assist first-time homeowners in his community, so they wouldn't have to struggle as he did.

Envy admits he participated in several seminars disseminating information to potential buyers ... but says he had no knowledge of what Cesar did with the money clients gave him, and even claims he's lost $500,000 of his own money in the deal.

The fallout has made Envy a target in the hip hop world ... Rick Ross and Funk Flex have publicly clowned him over the accusations, and internet personality Tony The Closer has also taken him to task.

Envy isn't taking that lightly, his attorney Massimo D'Angelo tells TMZ Hip Hop they're suing Tony for defamation.

So far, the bulk of the lawsuits have been filed against Cesar and his wife, Jennifer, with Envy being named as a secondary defendant -- which his attorney calls pure sensationalizing of Envy's celebrity.

NBC 4 New York interviewed several of the alleged victims who said they were comfortable doing business with Piña because of Envy's endorsement.