Regal Coin Promoter Divyesh Darji Declared Wanted in India

Wilfred Michael 

Wilfred Michael

News reporter

04 June 2019,
Regal Coin Promoter Divyesh Darji Declared Wanted in India

Authorities in India are reportedly in a hunt for Divyesh Darji, the alleged founder of the Regal Coin cryptocurrency that defrauded investors during the ICO boom in 2017.

Complaints filed with Police in the City of Ahmedabad, Gujarat, India claims that Darji offered individuals an opportunity to invest in a fake cryptocurrency called Regal Coin. Darji promised that investors would earn $100 for every $2 that they put in while also having the option to cash out on their first investment after 99 days.

He promised that the money would go into robotic crypto trading while investors could make money by referring other users to the mobile app platform for a 1-1.6% referral bonus paid out after 11 days.

According to the report, Darji and his allies locked up shop after they had raised INR 45 million ($650,000) from investors, as the value of RegalCoin soared as high as $100 per coin.

Among the victims of the scheme were Vishal Savalia and two other investors who put in a combined INR 4.50 Milion ($65,520) into RegalCoin. Savalia specifically invested in the cryptocurrency through Darji’s daughter, Dimki and an assistant identified in the report as Ramdayal Purohit.

While authorities now have Purohit under custody, Darji, Dimki, and another ally Mehul Pacchigar are still missing. The culprits face charges related to breaking the Gujarat Protection of Investors Deposit Act and The Prize Chit Money Circulation Scheme Banning Act.

Meanwhile, the records indicated that this is not the first time that Divyesh Darji has come under the radar of the authorities for a cryptocurrency related crime.

The Regal Coin founder also has ties with one of the most prominent fraudulent crypto scheme, Bitconnect. He was arrested back in 2018 for his involvement and later released after he got bail from a Gujarat High Court.


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