Authorities on Wednesday said that the Hairstylist Javed Habib and his son, Anos Habib, have been arrested on 23 charges of fraud in a scheme of duping 70 investors to the tune of around 7 crore in a deceptive investment scheme. The alleged fraud was conducted by the company under the name of FLC, which promised annual returns of 50-70 percent on Bitcoin investments.
As stated by the Superintendent of Police, Krishna Kumar Vishnoi, the pair earned between 5 lakh and 7 lakh per investor, promising them high returns in a few years. Vishnoi added that investors were promised high returns, but after two and a half years, no one was given back their money. Those who have been allegedly defrauded by this scheme have been identified by investigators as up to 38 persons.
Javed Habib, Anos Habib, and their accomplice, Saiful, were covered in 23 FIRs filed by the police, with the operation also seeming to be organized as a gang. The government is taking the matter very seriously, considering the magnitude of the alleged financial fraud and the fact that a public person was involved. To stop the two, Javed Habib and his son have been issued a lookout so that they are unable to leave the nation as the investigation continues.
Additional prosecution can be the confiscation of the accused’s properties according to Section 107 of the Bharatiya Nyaya Sanhita in case they do not pay the victims back. The law enforcement officers are in the process of collecting evidence, interrogating the investors, and following the money trail in a bid to bring the culprits to justice.
The case has also brought up the issues of fraudulent investment schemes within the cryptocurrency industry, as well as underlining the importance of investors being cautious about unusually high returns being offered to them. The government has encouraged anyone who had invested in the scheme or those who hold any information regarding the same to step up and aid in the investigation.
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