BitConnect promoter accused of advertising more cryptocurrency exit scams in India

Hacks • June 6, 2019, 4:42AM EDT
UPDATED: June 6, 2019, 11:05AM EDT
The Block

Discredited BitConnect promoter Divyesg Darji has been accused of taking part in another cryptocurrency scam in his home-country and is now on the run, The Times of India reports.

Darji, who previously worked for the fake trading platform Bitconnect, advertised investments in Regal Coin in 2017, telling investors an investment of $2 in the token would earn them $100 in a short period of time. Soon after the price of the token reached near to $100, the company shut down. The company pocketed Rs 45 lakh ($65,000). However, the police believes the scammers could have earned significantly more.

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“Darji had promised that the investor would get the principal amount in 99 days. He had also promised to give interest on principal amount as per robotic trading profit along with 1% to 1.6% bonus as referral bonus at every 11 days,” said a police official. They also noted he was released on bail last month.

Darji is also believed to be connected to another potentially fraudulent token, Dekado coin.

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Isabel is The Block's London and European reporter. She previously reported for Reuters in Madrid and London, following on from her time as a freelance journalist for the Guardian and the New York Times. She has a Bachelors in War Studies from King’s College London and a Master of Philosophy from the University of Oxford. Conflict of Interest: Edward Woodford, the CEO of SeedCX, is Isabel's brother. She does not report on any issues related to Seed or advise other authors in any regard.

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