Indian police couldn’t discover movie star hairstylist Jawed Habib once they executed a search warrant for him in $800,000 cryptocurrency fraud case affecting a whole lot of buyers.
Authorities accuse Habib and his son of selling a fraudulent funding scheme that promised buyers unusually excessive annual returns on investments in Bitcoin and Binance tokens.
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Superstar Hair Stylist Linked to Crypto Ponzi Scheme
Indian authorities escalated the investigation right into a multi-crore cryptocurrency fraud focusing on hairstylist Jawed Habib, his son Anos Habib, and an affiliate for a rip-off value as much as $800,000.
Police failed to search out Habib at his residence on Wednesday after executing a search warrant.
Jawed Habib Receiving a Enterprise Management Award In 2023
Authorities strongly point out that the scheme’s core entity, Follicle International Firm (FLC), operated as a household enterprise. This alleged crime is a high-yield funding fraud disguised as a crypto alternative.
Apparently, the father-son duo utilized Habib’s highly effective movie star standing to ascertain belief with buyers. They allegedly lured between 100 and 400 individuals with the prospect of exorbitant 50% to 75% annual earnings.
These earnings had been supposedly generated from investments in Bitcoin and BNB (promoted as Binance tokens) made by way of FLC.
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As of this month, police have lodged over 30 First Data Studies in opposition to the Habibs and issued a lookout discover to forestall their flight from the nation.
Crypto Crimes Sweep India
This high-profile case is a component of a bigger development of current main Bitcoin and crypto scams in India.
In August, Indian police convicted 14 individuals, together with a former politician and police officer, for his or her involvement in a 200 Bitcoin extortion case relationship again to 2018. All had been convicted and sentenced to life imprisonment.
In July, a significant safety breach occurred at India’s main cryptocurrency trade, WazirX. The hack resulted within the theft of over $230 million in digital belongings.
The social engineering assault occurred on a multi-signature pockets after attackers deceived the important thing holders into approving a malicious transaction.
Total, these incidents in India replicate a broader international surge in crypto crime, with 2025 on monitor to be probably the most devastating 12 months on document for stolen funds.
By mid-year, criminals have stolen over $2.17 billion globally. In keeping with Chainalysis, this quantity already surpasses the overall misplaced in 2024.
