Indian Investigators Unearth Crypto Scam Involving ex-BitConnect Promoter in Regal Coin
- According to a spokesperson for the Indian Criminal Investigation Department (CID), the total monetary volume associated with this latest scam runs into tens of millions of rupees.
- As things stand, the principal accused — Divyesh Darji — is currently on the run after having posted bail a month back.
As per a report released by a trusted Indian media outlet yesterday, local police authorities have uncovered an “alleged multi-million dollar cryptocurrency scam” that was being run by an ex-BitConnect promoter who was also previously involved with a number of other crypto ponzi schemes as well.
To further elaborate on the matter, we can see that as per a report released by the Gujarat Criminal Investigation Department (CID) recently, Divyesh Darji, a promoter previously associated with the BitConnect syndicate, was responsible for pushing a scammy project called “Regal Coin” — a crypto offering that promised users with unrealistic returns of up to 5,000% on their investments — onto his clients.
A Closer Look at the Case
In a recent interview with an investigator working for the CID, Darji allegedly started offering unsuspecting individuals with various investment offerings that promised to yield ludacris returns of more than 5000% within short periods of time.
Not only that, he also promised investors that they would get their principal amount back within a period of 99 days from their date of investment — with them also receiving a 1% to 1.6% referral bonus every 11 days.
The entire scam came to light when a resident of Surat, Vishal Savalia, came forth and registered a complaint with the CID. In his statement, he alleged that through the Regal Coin scam, Darji had extracted more than $26,780 from him.
In regards to the matter, a CID official was further quoted as saying:
“Savalia had allegedly given the money to Darji’s daughter, Dimki through another accused and Darji’s aide, Ramdayal Purohit and Dimki herself had downloaded Regal Coin app in Savalia’s cellphone and get him registered on its website.”
In closing out this piece, it should be pointed out that while Purohit has been apprehended by local police authorities, Darji is still on the run (ever since posting his bail around a month back).
Last but not least, earlier this year, the Indian Union Home Minister ‘Rajnath Singh’ established a cyber forensics unit whose sole purpose is to investigate issues related to crypto-based money laundering scams and other such activities.