Amid lack of comprehensive regulations and awareness around crypto, scam cases linked to digital assets keep emerging in India. In a fresh instance, popular INidna hairstylist, Jawed Habib has been roped into a legal case for allegedly cheating many in fraudulent crypto scheme.
A complaint on this alleged scam has been registered by the Sambhal police in the Indian state of Uttar Pradesh. It reportedly alleges that Habib, along with his son Anas Habib lured-in over 150 individuals into their crypto scheme, promising high returns on investments.
Habib was promoting what appears to be a crypto ponzi scheme via a company dubbed the Follicile Global Company (FLC). The hairstylist allegedly organized an event in Sambhal back in 2023, where they presented an investment scheme to the attendees promising high returns ranging between 50 percent to 75 percent within a year.
After the investors failed to rope-in the promised returns, they have now taken the matter to the law enforcement authorities. The police has reportedly confirmed that the funds collected from the investors into the proposed scheme were transferred to an individual named Saiful, who was introduced as the director of the company.
The complainants have informed the police that the FLC firm seems to have pulled down its shutters. Further investigations in the case is underway and hence elaborate details linked to the instance remains under the wraps.
The hairstylist to several Bollywood celebrities and other high-profile individuals started his salon chain in 2005. The Jawed Habib Unisex Salons now span over 900 outlets within India and are also located in Dubai, Singapore, Kenya, and Nepal, according to its official LinkedIn profile.
As for now, Habib’s response to the controversy remains awaited.