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This article was published on June 4, 2019


Former BitConnect India chief on the run after promoting another crypto-scam

"What amma gonna do?"

Former BitConnect India chief on the run after promoting another crypto-scam
David Canellis
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David Canellis

David is a tech journalist who loves old-school adventure games, techno and the Beastie Boys. He's currently on the finance beat. David is a tech journalist who loves old-school adventure games, techno and the Beastie Boys. He's currently on the finance beat.

India‘s authorities have uncovered more cryptocurrency scams connected to the alleged head of BitConnect Asia, Divyesh Darji, Times of India reports.

Police claim Darji had also been marketing another dubious cryptocurrency-related investment, “Regal Coin,” by offering short-term returns of 5,000 percent on any investments made.

He’s also alleged to have promised Regal Coin would make investors more money than holding Bitcoin, but they would need to stay invested for at least 99 days. Darji’s name also appeared during investigations into another potentially fraudulent digital asset known as “Dekado coin.”

Regal Coin and BitConnect shared some similarities. A police spokesperson maintains Darji told investors he had access to a robotic trading algorithm that could generate profit (red flag).

He had also pledged referral bonuses would be paid every 11 days to those who would recruit more people to download the app.

The price of Regal Coin peaked in late 2017, when it hit close to $90. Times of India‘s report states the firm behind the project later folded after collecting nearly Rs 45 lakh ($65,000), but police say the scam could have defrauded investors for significantly more.

Darji is reportedly on the run, after being released on bail a month ago. You can read more about his part in the grande BitConnect scam here.

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