SAMBHAL: Police in Uttar Pradesh have sharply escalated their investigation into a large-scale cryptocurrency scam, registering 20 criminal cases against Anas Habib, the son of famous hairstylist Jawed Habib, and other family members. The fraud, which promised extraordinary returns on Bitcoin and Binance investments, has led to a nationwide lookout notice against the family and a potential move to seize their assets under the stringent Gangster Act.
The Anatomy of a High-Returns Scheme
The fraud centers on an operation run under the banner of FLC (Follicle Global Company). According to police in Sambhal, the accused, including Habib and his son, lured investors during a 2023 event at a local banquet hall. Around 150 participants were promised unrealistic returns of 50 to 75% on investments in popular cryptocurrencies like Bitcoin and Binance coins. Each investor reportedly put in between Rs 5–7 lakh, leading to fraud affecting over 100 people. The total estimated financial loss is pegged at Rs 5–7 crore. When no returns were paid after a year, the company allegedly shut down, and the accused absconded, prompting victims to approach the police.
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Intensified Police Action and Family Involvement
The investigation, led by Superintendent of Police KK Bishnoi, has rapidly expanded. Following initial complaints, 19 additional cases have been filed, bringing the total to 20 against Jawed Habib, his son Anas Habib, and Saifullah, a former head of Habib’s Sambhal operations. Critically, police investigations have also implicated Jawed Habib’s wife, who is suspected of playing a key role as the founder of the fraudulent company. Authorities have issued lookout notices against all family members to prevent them from leaving the country, and Jawed Habib himself has been summoned to Sambhal for questioning.
Tracing Assets and Severe Legal Threats
The legal response against the family is set to be severe. Cases have been filed under serious sections of the Indian Penal Code, including Section 420 (cheating) and Section 506 (criminal intimidation). Police teams have been instructed to probe the family’s extensive properties in Delhi and Mumbai under Section 107 of the CrPC to collect details of their assets. SP Bishnoi confirmed that if chargesheets are filed, the authorities intend to pursue action under the Gangster Act, which allows for the seizure and attachment of properties to recover the money swindled from the victims.
