The police offices of Surat (India) implicated Divyesh Darji, a famous BitConnect promoter, in another really lucrative cryptocurrency scam. In a news report published by Times Of India, it was highlighted that Darji now promoted a cryptocurrency, Regal Coin, to investors, with the promise of getting back huge returns.
In August of last year, it was reported that Darji was arrested because of the role that he played in the scam involving BitConnect and trial was faced. The problem is that Darji was released on bail and is now on the run from the authorities.
According to the Indian CID (Crime Investigation Department), the promise was that 5,000 percent of the investment will be given back if money were to be put into Regal Coin. Darji specifically promoted this cryptocurrency as a far superior investment opportunity than the popular Bitcoin, with payouts starting in 99 days. The investors were offered even more money in the event that they recruited others that would be interested in making investments. The CID declared:
Darji had told his investors that they needed to stay invested just for 99 days. He also promised to pay them returns on their principal according to profits on robotic trading, besides 1% to 1.6% referral bonuses every 11 days.
The police discovered that Darji worked with family members. This led to the arrest of his daughter, Purohit. Victims reported investing different amounts, some putting in $15,000 or $25,000.
Besides the Regal Coin and the BitConnect scams, Darji was also linked with the Dekado coin, another scam that was discovered only after a victim went to the police and said that he was scammed out of $70,000.
Dekado coin promised smaller returns on investments made, between 42% and 72% in 6 months. Similarly to all other cryptocurrency scams that saw Darji’s involvement, referral bonuses were given to recruiters.
The scams that Darji was linked with have different names but the exact same script is followed. Incentives are given to lure the investors. They are usually completely unrealistic and way too high. Companies besides scams were all registered abroad.