A promoter of the now-shuttered crypto fraud BitConnect has again been charged over a different claimed cryptocurrency scam.
The Times of India reported Monday that police in the city of Ahmedabad, Gujarat, India, had received complaints that the promoter, Divyesh Darji, had been offering investors investment in a token called Regal Coin, claiming a possible 5,000-percent return.
Investigations by the Criminal Investigation Department (CID) of the Gujarat Police reportedly show that Darji established an investment platform called Regal Coin in September 2017. The investment scheme promised that for every $2 put in, investors would earn $100.
Darji also reportedly promised investors they could earn back their principal investment in 99 days and earn interest on their investment through robotic trading profit along with 1–1.6 percent in referral bonus every 11 days, the CID said.
Police found out about the scam after an alleged victim, identified as Vishal Savalia, reported to authorities that he’d lost 1.75 million Indian rupees ($25, 260) in Regal Coin. Savalia claimed he’d made the investment through Darji’s daughter Dimki and assistant Ramdayal Purohit.