Altcoin News: Ex-Promoter of BitConnect Wanted in the Case of a New Crypto-Pyramid

June 4, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The ex-promoter of the discontinued financial pyramid BitConnect was again prosecuted by the authorities in connection with another crypto-fraudulent scheme.

The police of the Indian city of Ahmedabad received a complaint against the notorious Divyesh Darji, who this time attracted investors to the purchase of the Regal Coin token, promising them revenues of up to 5000%.

During the investigation of the criminal investigation department, it was possible to establish that the Regal Coin platform was established in September 2017. For every $2 invested, the organizers promised to earn $100.

According to the publication, Darji personally assured investors that they will be able to return their investments within 99 days, after which they will receive a percentage of the income generated by the automated trading algorithm.

A certain Vishal Savalia turned to the police, who said that he had lost more than $25,000 from investments in Regal Coin. Savalia claims that he transferred the money to Darji’s daughter and his assistant.

According to the victims, at the peak, the Regal Coin course really reached $100, after which the activity of the scheme was closed, and its organizers appropriated about $650,000.

Darji and his daughter went on the run, while the aforementioned assistant was captured by the police. Among other things, they are accused of violating the law on the protection of investors’ deposits. Darji was already arrested in August 2018 for participating in the promotion of BitConnect. Gujarat State Court released him on bail just last month and here we go again.

Author: Marko Vidrih