In what will mark the third time of summoning, the BitConnect promoter, Divyesh Darji has been accused by the CID (Crime) Gujarat for having a hand in another cryptocurrency fraudulent.
Darji, who resides in Adajan area in Surat, India is a well-known promoter of the popular BitConnect Ponzi scheme which scammed thousands of unsuspecting investors in the crypto space in 2017.
He is now being accused of scooping away lakhs of rupees from investors after he had lured them into investing in “Regal Coin,” with high returns, according to the CID.
He surfaced lately in two other crypto fraudulent acts, with accusations relating to Bitcoin scam of Rs 22,000 and another on Dekado coin scam of Rs 1000.
Reports from the Times of India noted that Darji began the Regal Coin deals in September 2017, where he offered nearly 5000% as returns on investment.
He lured people into investing in the cryptocurrency, Regal Coin with $2 and getting about $100 as return on each Coin after a short period. Also, he promised the investors a very high yield with Regal Coin more considerable than that of Bitcoin, CID Officials said.
Darji had promised that the investor would get the principal amount in 99 days. He had also promised to give interest on the principal amount as per robotic trading profit along with 1% to 1.6% bonus as referral bonus at every 11 days, the report added.
The fraudulent act by Darji was brought to notice by a victim, Vishal Savalia, alleging that he lost about Rs 17.50 lakh to the Regal Coin Fraudulence. Adding to the list was, Kirit Parmar and Rajesh Mania, who also invested about Rs 17.50 lakh ($25,229) and Rs 10.50 lakh ($15,137) respectively.
CID Official said, “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 cell phone and get him registered on its website.”
Even though Regal Coin value once attained US$100, the company later shut down after having nearly Rs 45 lakh ($64,876).
CID indicated it had filed a complaint against Purohit, Darji and daughter, including their aide — Mehul Pacchigar under the Prize Chit Money Circulation Scheme Banning Act and the IPC section for cheating and sections of the Gujarat Protection of Investors Deposit Act.
At the moment, CID has been able to arrest one of the accused—Purohit, but Darji, who was just released a month ago by the Gujarat High Court, has been on the run.
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