Celebrity Hairstylist Jawed Habib, Son Booked In Cryptocurrency Fraud, 20 Cases Filed: What We Know

Javed Habib, a celebrity hairstylist and his son, Anas Habib, are booked in a major court scandal when the Uttar Pradesh police filed 20 FIRs against them in a case of alleged cryptocurrency fraud. The government has issued lookout warnings on all family members to avoid leaving the country and called them to questioning.

Jawed Habib’s Son Cryptocurrency Fraud

Police claim that the fraud system was operated through a firm named Follicle Global Company (FLC). In one such event in the Sarayatween region of Sambhal held in 2023, investors were promised returns of 5075 percent on investments made in Bitcoin and Binance Coin within a year. More than 150 individuals were said to have deposited 5-7 lakh each or more with a total of rupees in crores. Investors could not be able to obtain returns, and the company supposedly excluded business and the accused disappeared. Criminal Cases, This resulted in several cases that were registered at the Raysatti police station under the provisions of IPC 420 (cheating) and IPC 506 (criminal intimidation). The local police put the loss of money to the victims at between ₹5 and 7 crore. 

Did Jawed Habib Say Anything About Cryptocurrency Fraud?

Inquiries are being done to track assets and properties in Delhi and Mumbai. In cases of formal charges, the police can use the Gangster Act to confiscate the properties. The police have also put the wife of Javed Habib under suspicion as a possible partner in the scheme saying that she might have been the founder of the company. In the meantime, Habib, together with his family has not publicly come out to answer the allegations. The fast development 20 individual FIRs within a short period speaks volumes of how grave the investigation was, and how the accused had to act. It is one of the increasing cases of cryptocurrency fraud in India, where investors have been enticed with promises of high returns but no proper regulation and protection. Victims, regulators and the general population will be keen on the results of this inquiry and legal action, as required.

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