by Coinstrooper Crypto Articles
Quick Take
  • Police failed to find Habib at his residence on Wednesday after executing a search warrant.
  • Authorities strongly indicate that the scheme’s core entity, Follicle Global Company (FLC), operated as a family business.
  • This alleged crime is a high-yield investment fraud disguised as a crypto opportunity.
  • Apparently, the father-son duo utilized Habib’s powerful celebrity status to establish trust with investors.

What Happened

Indian police could not find celebrity hairstylist Jawed Habib when they executed a search warrant for him in $800,000 cryptocurrency fraud case affecting hundreds of investors.

Authorities accuse Habib and his son of promoting a fraudulent investment scheme that promised investors unusually high annual returns on investments in Bitcoin and Binance tokens.

Indian authorities escalated the investigation into a multi-crore cryptocurrency fraud targeting hairstylist Jawed Habib, his son Anos Habib, and an associate for a scam worth up to $800,000.

Authorities strongly indicate that the scheme’s core entity, Follicle Global Company (FLC), operated as a family business. This alleged crime is a high-yield investment fraud disguised as a crypto opportunity.

Apparently, the father-son duo utilized Habib’s powerful celebrity status to establish trust with investors. They allegedly lured between 100 and 400 people with the prospect of exorbitant 50% to 75% annual earnings.

These earnings were supposedly generated from investments in Bitcoin and BNB (promoted as Binance tokens) made through FLC.

In July, a major security breach occurred at India’s leading cryptocurrency exchange, WazirX. The hack resulted in the theft of over $230 million in digital assets.

Market Context

Celebrity Hair Stylist Linked to Crypto Ponzi Scheme

Police failed to find Habib at his residence on Wednesday after executing a search warrant.

Why It Matters

As of this month, police have lodged over 30 First Information Reports against the Habibs and issued a lookout notice to prevent their flight from the country.

Crypto Crimes Sweep India

Details

This high-profile case is part of a larger trend of recent major Bitcoin and crypto scams in India.

In August, Indian police convicted 14 people, including a former politician and police officer, for their involvement in a 200 Bitcoin extortion case dating back to 2018. All were convicted and sentenced to life imprisonment.

The social engineering attack happened on a multi-signature wallet after attackers deceived the key holders into approving a malicious transaction.

Overall, these incidents in India reflect a broader global surge in crypto crime, with 2025 on track to be the most devastating year on record for stolen funds.

By mid-year, criminals have stolen over $2.17 billion globally. According to Chainalysis, this amount already surpasses the total lost in 2024.

The post He Styled Billionaire Celebrities by Day and Ran a Bitcoin Scam at Night appeared first on BeInCrypto.