There was a large Bitcoin scam in Gujrat a little time ago where the investors had to face a huge loss.

The multi-crore scam was executed through cryptocurrency company Bitconnect which was controlled by Diveysh Darji. He was the Asian Head of Bitconnect. Recently, he has been arrested by the Gujrat’s CID as soon as he entered India.

Bitconnect which is a cryptocurrency company was registered in the UK and was being operated from Burj Khalifa tower in Dubai.

Divyesh Darji and other conspiracy planners with him are accused of a scam of Rs.88,000 crore.

They tempted the investors with big returns that too at the time of demonetization in India. They carried their cryptocurrency fraud through various platforms and one such platform was

They used a very smart method to bring in the investors, which is known as Multi-Level Marketing(MLM) or network marketing. The existing customers would get offers on introducing the funds from the new customers, that’s what increased the investment in Bitconnect.

Divyesh Darji resided in Dubai and the company was being operated from there as cryptocurrency is not a legal tender in India. Other workers fled abroad as soon as the CID started the investigation.

Many high-profile names, including former BJP MLA Nalin Kotadiya, Mahendra Chaudhari, and Satish Kumbhani are accused in this scam.

The organization was active till January 2018 and released 2.80 crore coins, out of which 1.80 were transferred to the investors. The accused conveyed and promised that the investors would get high returns with a daily interest rate equals 1%.

They also offered to double the amount invested in exchange for Bitcoins that too in the matter of only 100 days.

The official token currency of Bitconnect that is BBC crashed down to $2 overnight and then the organization announced to stop all the transactions, even the lending of money they took from investors.

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