(MENAFN- Live Mint) Celebrity hairstylist Javed Habib and his son Anos Habib have been charged in 23 fraud cases for allegedly deceiving people of ₹7 crore through an investment scheme, news agency PTI reported, citing police, on Wednesday.

Superintendent of Police Krishna Kumar Vishnoi stated that the father-son duo operated a scheme under the name of FLC Company, promising investors annual returns of 50-70% on Bitcoin investments.

Scam 'operated like an organised gang'

According to a report by the Times of India citing investigators, the case originated in 2023 when Jawed, his son and the company's head, Saifullah Khan, attended a promotional event at a hotel in Sambhal. The event was aimed at attracting investors to FLC, promising returns between 50% and 75%. Police said that hundreds of people were convinced to invest amounts between ₹5 lakh and ₹7 lakh, frequently through cryptocurrency platforms, the report said.

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"They took around ₹5-7 lakh from each investor, claiming it would yield high returns, but even after two and a half years, none of the investors received their money back," Vishnoi told PTI.

"Twenty-three FIRs have been filed against Javed Habib, his son Anos Habib, and their associate Saiful. The scam appears to have been operated like an organised gang," Vishnoi said.

A lookout notice has been issued by the police for the celebrity hairstylist and his son.

If they fail to return the victims' money, their properties may also be seized under Section 107 of the Bharatiya Nyaya Sanhita.

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Mohd Hilal, a 22-year-old AC mechanic from Sambhal and one of the victims, told the Times of India that he invested ₹4.59 lakh after attending the event.“Jawed Habib, his son, and Saifullah were all present and said we could earn huge profits by investing in 8–10 listed companies,” Hilal told the publication.

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He mentioned that he paid ₹1.5 lakh online and the remaining amount in cash, expecting a monthly return of ₹35,000 and full recovery of his principal within three months.“Whenever I asked for my money, Saifullah kept delaying until he vanished. That money was meant for my sister's wedding - now neither the money came back nor the wedding happened,” he said.

(With inputs from agencies.)

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