RegalCoin launched in late 2017, on the peak of the BitConnect lending Ponzi craze.
RegalCoin itself was unremarkable. In our September 2017 evaluation, we famous it was simply one other BitConnect clone.
Seems this was true past the enterprise mannequin, following Indian authorities outing Divyesh Darji in connection to RegalCoin.
As with BitConnect, whether or not Darji (proper) ran RegalCoin is unclear. Indian authorities have pegged him as the very best hyperlink of the Ponzi scheme in India.
In response to the Ahmedabad CID, Darji stole “lakhs of rupees” via BitConnect. He has additionally been tied to Dekado Coin, one other collapsed crypto Ponzi.
Particulars of Darji’s involvement in RegalCoin got here to gentle following complaints from three victims.
Following Darji’s arrest in relation to BitConnect he was launched on bail.
He has since gone into hiding and is on the run from authorities. Sadly it is a recurring theme in India.