Business

Dennis Wafula

India crypto promoter accused in another investment scam

The Gujurat CID (crime) team have accused Divyesh Darji, a Bitcoin Core (BTC) promoter in India, in yet another crypto-investment scam. Darji allegedly siphoned off lakhs of rupees from investors after promising great returns in “Regal Coin.”

Darji has been arrested in several other crypto-currency scandals. Previously, he has been accused of swindling investors off Rs 22,000 ($317) through a BTC scam. Another case arose where he allegedly swindled investors for Rs 1000 crore ($144 million) through Dekado coin. This resident of the Adajan area in Surat is currently facing a third case in relation to cryptocurrency scams.

According to CID officials, Darji promised investors returns of 5000% for investing in Regal coin back in September 2017. Each Regal coin was sold at US$2 and investors were made to believe that they would make a return of US$100 over a short period. To lure more people in, Darji added that the returns would be far much greater than that of the BTC.A CID official states:

“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 a referral bonus at every 11 days.”

Vishal Savalia, a Surat resident and a victim to the scam filed a case with the CID alleging that despite the above promises, he had lost Rs 17.50 lakh ($25 thousand) in the Regal coin scam. Others filed similar cases, including Rajesh Mania and KiritParmar who had invested Rs 10.50 lakh ($15 thousand) and 17.50 lakh ($25 thousand) respectively with the accused.

Savalia allegedly gave his investment amount to Dimki, Darji’s daughter. Other than his daughter, another mentioned name in the scandal was Ramdayal Purohit, who reportedly helped Darji to download a Regal coin app in Saliva’s phone as well as helped him with the registration process.

Darji and his partners decided to conduct exit the scam after the value of Regal coin rose up to $100. Authorities believe they made away with more than Rs 45 lakh ($65 thousand). After being arraigned in the Gujarat High Court, Darji was released on bail.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

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