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

According to the Surat CID team, which has been investigating the case in India, it is worth INR 41,000 Cr, out of which Darji got a 10% cut or INR 4,100 Cr. He had allegedly run two more copycat scams known as Dekado Coin and Regal Coin scams. Dokdo Token’s current circulating supply is 25.00M DKD out of max supply of 50.00M DKD. In terms of market cap, Dokdo Token is currently ranked #503 in the Binance Smart Chain sector. There are currently 0 Dekado coins circulating out of a max supply of 0. The scheme in the US was valued at $2.4 billion, while the India operations are estimated to be worth INR 41,000 Cr, with Darji receiving a 10% cut.

Add to that botched-up investigation in many cases, primarily due to these scams’ opaque and highly technical nature. GainBitcoin is considered one of the biggest Ponzi schemes globally, with more than 8,000 investors losing their money. According to people close to Amit Bhardwaj, what the Enforcement Directorate (ED) and the special investigation team (SIT) of Pune Police have unearthed is the tip of the iceberg. 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 Surat CID, in charge of the probe, Darji asked each investor to buy a Regalcoin at $2 and get $100 on each token in a short span. He also promised that the Regalcoin would earn better returns than the bitcoin, the poster boy of the crypto industry. Similar to Amit Bhardwaj’s MCAP tokens, Bitconnect came out with BitConnect Coins (BCC) and marketed it as an investment option for traders. In this case, investors were supposed to earn daily interest of 1% while their RoI would double in 100 days.

However, new names pop up every year with new hypes, casting more sophisticated scam nets far and wide. On further inquiry, I found that he had little knowledge of cryptocurrencies or their legal implications. He just had a nodding acquaintance with MLM schemes and how they worked.

Dekado Coin: Another Crypto MLM Scheme By Divyesh Darji And Team

“Lemme show you some pictures… This guy has bought an INR 2 Cr flat in the Film City,” said the cab driver, as I looked distinctly disinterested in his multi-level marketing scheme. CoinCodex tracks 38,000+ cryptocurrencies on 200+ exchanges, offering live prices, price predictions, and financial tools for crypto, stocks, and forex traders. The table above shows the number of days which Dokdo Token closed above a certain price level.

Ether Trade Asia Scam: Defrauding People In The Name Of Ether

1. As a result, even the US Court has not been able to serve the order to Kumbhani.
2. However, the data mentioned in our stories has been taken from chargesheets, and the corresponding investigatve agencies’ estimations.
3. Bitconnect used BitConnect Coins (BCC), an aggressive Ponzi scheme similar to Amit Bhardwaj’s MCAP tokens under GainBitcoin.
4. For instance, Pune Police who are investigating the GainBitcoin scam have not been investigating Bitconnect and similar is the case with Surat CID.
5. GainBitcoin is considered one of the biggest Ponzi schemes globally, with more than 8,000 investors losing their money.
6. Darji and his partners decided to conduct exit the scam after the value of Regal coin rose up to $100.

The wealth chant pushes countless dreamers to gamble their money away, overlooking legal concerns or investment safety. The major crypto scams discussed so far show how prevalent such incidents are and how they rob the consumer investment markets of billions of dollars. The absence of a pan-India watchdog/regulatory body scrutinising these digital assets and flashing the early warning lights also makes the country a hotbed of crypto scams.

1. Third, some of these people like Amit Bhardwaj, Ranjeet Saxena and Divyesh Darji have been involved in multiple scams.
2. Wary of the latest developments, fewer people are now visiting the scam websites/apps promising too much, too soon.
3. The Gujarat CID (and later ED) has been investigating the Bitconnect case since 2018, while the U.S. probe agency FBI came in a year later.
4. Speed is of the essence here, and moving away from the traditional judiciary practices will give investigators more teeth while procedural rules and delays clip their wings.

The scam included additional fraudulent projects like Dekado Coin and Regal Coin. 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.

Market Overview

A police spokesperson maintains Darji told investors he had access to a robotic trading algorithm that could generate profit (red flag). 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. As the first media outlet to report on blockchain-powered applications, we provide early adopters, developers, and visionary leaders with access to emerging technological landscapes, including wallets and games. CoinGeek presents a unique perspective on blockchain, AI, and Web3, emphasizing the BSV blockchain’s robust enterprise utility and unbounded scalability, as described by Satoshi Nakamoto in his 2008 Bitcoin white paper. In April 2018, Darji and his team launched another website called Dkdpower2all.io, and Saxena, Darji’s partner, promised that the Dekado.io investors would get their crypto back. As usual, the introductory sessions promised 40-70% monthly returns on Dekado Coin.

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

Both Darji and Satish Kumbhani (the Bitconnect founder), the key accused in this case, have been absconding ever since. As a result, even the US Court has not been able to serve the order to Kumbhani. Wary of the latest developments, fewer people are now visiting the scam websites/apps promising too much, too soon. The number of Indian visitors dipped drastically from 17.8 Mn in 2020 to 9.6 Mn in 2021, according to a Chainalysis report. The suspect websites most visited by Indian users in the past year included Coinpayu.com, adBTC.top, HackerTyper.net, Dualmine.com and Coingain.app.

Scams of different shapes and sizes are frequently rolled dekado coin price out to cash in on the buzz of quick big returns around crypto. And the people who are easily lured are ill-informed buyers/investors caught up in the spiral of greed. India’s authorities have uncovered more cryptocurrency scams connected to the alleged head of BitConnect Asia, Divyesh Darji, Times of India reports.