Jawed Habib and Son Face 20 Cases in Multi-Crore Cryptocurrency Fraud Probe

The Sambhal police have stepped up their efforts against Jawed Habib, a famous hairstylist, and his family for allegedly defrauding more than 100 individuals out of crores of rupees. Nineteen fresh cases were recently filed, bringing the total number of complaints against Javed Habib and his son Anas Habib to 20.

The wife of Jawed Habib, who was purportedly the originator of the fake company, has also been implicated in police investigations. To stop Habib’s family from fleeing the country, authorities have issued lookout notices against each individual. Additionally, Javed Habib has been called to Sambhal to be questioned. Police officers will shortly visit the family’s homes in Delhi and Mumbai after gathering information about their riches.

Police’s Version in Habib’s Case

Police claim that Habib and his son enticed investors at a 2023 event held at Royal Palace Venkat Hall in Sambhal’s Sarayateen neighbourhood under the auspices of FLC (Follicle Global Company). Approximately 150 individuals were promised 50–75% profits on their Bitcoin and Binance Coin investments.

According to reports, each investor contributed between INR 5 and INR 7 lakh, culminating in fraud that affected over 100 individuals. Investors went to the police after a year had passed with no returns. Allegedly, Habib, his son, and others closed down the business and fled.

After victims filed the initial complaint at the Raysatti police station, Superintendent of Police KK Bishnoi promised the victims that their money would be recovered and that action would be taken.

Habib’s Cases Filed Under Sec 420 & 506 of IPC

Nineteen further cases were brought against Jawed Habib, his son, and Saifullah, who had previously been in charge of Habib’s Sambhal operations, as a result of further investigations. Sections 420 and 506 of the IPC have been used to file cases, and investigators assume Habib’s wife was instrumental in the business.

According to SP Bishnoi, the estimated financial theft is between INR 5 and INR 7 crore. Under Section 107 of the CrPC, police teams have been directed to investigate Habib’s properties in Delhi and Mumbai. Should chargesheets be filed, the Gangster Act would be used, which includes seizing the property.