Hairstylist Jawed Habib and his son Anos Habib have been booked in 23 fraud cases for allegedly swindling Rs 7 crore from people through an investment scheme, police said on Wednesday.

Superintendent of Police Krishna Kumar Vishnoi revealed that the two operated a scheme under the banner of FLC Company, promising investors annual returns of 50-70 percent on Bitcoin purchases. They collected around Rs 5-7 lakh from each investor, claiming these investments would yield high returns.

However, even after two and a half years, none of the investors have received their money back, Vishnoi added. Investigators have so far identified 38 people who were defrauded through this scheme.

To date, 23 FIRs have been filed against Jawed Habib, his son Anos Habib, and their associate Saiful. The scam appears to have been run like an organized gang, according to police officials.

Authorities have also issued a lookout notice against the duo as the investigation continues.

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