Local media outlet, The Times of India, reported on June 3 that Indian police officials have arrested those involved in a cryptocurrency scam, which allegedly involves a BitConnect promoter, Divyesh Darji. The accused are reported to have fleeced investors of hundreds of thousands of Indian Rupees (INR) by persuading them to invest in a token called “Regal Coin.” The total amount that has been stolen is estimated to be in the hundreds of thousands.
Darji, according to the report, has been involved in multiple cryptocurrency-related scams and had told would-be investors that they would get a 5000% return by investing $2 in Regal Coin and gaining $100 after a brief period. One official from the Criminal Investigation Department (CID) of the state of Gujarat said,
Darji had promised that the investor would get the principal amount in 99 days. He had also promised to give interest on principal amount as per robotic trading profit along with 1% to 1.6% bonus as referral bonus at every 11 days.
India has seen cryptocurrency scams before, and the nation’s authorities appear to be forming laws that would completely outlaw cryptocurrencies. However, Indian banks appear to be embracing blockchain technology.
