The scene of cryptocurrencies is quite bleak in India. Adding to the woe every other day some crypto scam is popping up in the region which further tarnishes the notion of crypto in the public. The Criminal Investigation Department (CID) in Gujarat has unearthed a multi-million dollar cryptocurrency scam. A certain Diveysh Darji has duped millions from the people by prompting them to invest in the crypto Regal Coin. He even promised an unreal 5000% return on the investment.

The scam goes way back to 2017 when Darji promoted about Regal coin. He told the investors to invest $2 and get a return of $100 on each Regal coin. He assured the principal amount will be provided to the investor in 99 days. Adding to his fake claims he promised to give interest on the principal amount with 1 to 6% referral bonus every 11 days. As attractive as it seems like any other scams, people fell for it.

The scam came into limelight when the victims realized they have been conned and took the matter to the police. There are many victims who have apparently invested millions in the scam project. The perpetrator Darji is not the only person in this plot. He has two accomplices, one Ramdayal Purohit who is now behind the bars and Darji’s own daughter. Darji is now on the run.

The scammer was arrested in 2018 for siphoning crores of Indian rupees by promoting BitConnect and scamming investors. Later he got out on bail and is now absconding from the law. It is for these kinds of crypto scamming incidents the Indian government has decided to ban cryptocurrencies from the nation.

The crypto scams are not limiting to India only. Recently, some scammers pulled off a heist in Brazil and duped people of $200 million. Again, in Europe, a guy scammed people of 2 million Euros in the name of crypto.