Indian police could not find celebrity hairstylist Jawed Habib when they executed a search warrant against him in an $800,000 cryptocurrency scam that affected hundreds of investors.
Authorities allege Habib and his son promoted a fraudulent investment scheme that promised unusually high annual returns on investments in Bitcoin and Binance Token.
Celebrity Hairstylist Linked to Cryptocurrency Ponzi Scheme
Indian authorities have stepped up investigations into a multi-million dollar cryptocurrency scam targeting hairstylist Jawed Habib, his son Anos Habib and an associate in a scam that cost up to $800,000.
Police did not find Habib at his residence on Wednesday after executing a search warrant.
Jawed Habib Receives 2023 Business Leadership AwardAuthorities have strongly pointed out that the core entity of the scheme, Follicle Global Company (FLC), operated as a family business. The alleged crime was a high-return investment scam disguised as a cryptocurrency opportunity.
Apparently, the father-son duo used Habib’s celebrity status to build trust with investors. They allegedly lured between 100 and 400 people with the promise of annual returns of between 50% and 75%.
These earnings are said to be generated from investments in Bitcoin and BNB (promoted as Binance Token) through FLC.
As of this month, police have filed more than 30 First Information Reports against the Habib family and issued search notices to prevent them from leaving the country.
Cryptocurrency crime is rampant in India
This high-profile case is part of a larger trend of recent major Bitcoin and cryptocurrency scams in India.
In August, Indian police convicted 14 people, including a former politician and a police officer, for their involvement in a 200 Bitcoin extortion case dating back to 2018. All were convicted and sentenced to life in prison.
In July, a major security breach occurred at India's leading cryptocurrency exchange, WazirX. The hack resulted in the theft of more than $230 million in digital assets .
The social engineering attack occurred on a Multisignature wallet after the attacker tricked the key holders into approving a malicious transaction.
Overall, these incidents in India reflect a global surge in cryptocurrency crime , with 2025 on track to be the worst year on record for stolen funds.
By mid-year, criminals had stolen more than $2.17 billion globally, surpassing the total lost by 2024, according to Chainalysis.
