Police authorities in India have intensified the search for celebrity hairstylist Aalim Hakim. He is being investigated for his alleged key participation in an Aalim Hakim Bitcoin scam valued at approximately 12.5 million dollars. The case came to light following the filing of a First Information Report (FIR) with the Maharashtra police. This official document details the operation of a sophisticated cryptocurrency-focused Ponzi scheme.
The Ponzi Scheme That Promised Unrealistic Bitcoin Returns
The investigation points to two main platforms: Bitsolives and Pancrypto.com. These entities lured investors with promises of fixed monthly returns of 10% to 12% on their Bitcoin deposits. According to police reports, Hakim was not a passive investor. He allegedly actively used his considerable influence on social media and event appearances to promote the scheme. The FIR alleges that he received a direct 10% commission for each new investor he managed to attract. The structure inevitably collapsed, leaving a trail of victims and estimated losses of 1 billion Indian rupees.
This incident is not an isolated event; rather, it highlights a recurring problem in the global crypto ecosystem: the danger of celebrity endorsements. The Aalim Hakim Bitcoin scam adds to a growing list of frauds in India, reminiscent of the infamous Amit Bhardwaj case. Using trusted public figures is a common tactic in modern Ponzi schemes. These personalities lend a false sense of legitimacy to fraudulent projects. As a result, Indian regulators have been under pressure to more closely monitor the digital asset space and misleading advertising.
Will Victims Be Able to Recover Their Funds After the Stylist’s Disappearance?
The immediate impact of this scandal is felt in the confidence of the retail investor in India. Every high-profile fraud reinforces the regulatory narrative seeking to impose strict controls on the crypto market. Police sources confirmed that Hakim is currently “on the run” or “missing.”
A Look Out Circular (LOC) has been issued at all airports to prevent his departure from the country. These types of events fuel volatility in public perception and complicate legitimate mass adoption efforts. The country’s digital economy continues to grapple with these security challenges.
The investigation is ongoing and is not limited to just the hairstylist. The original FIR names a total of 15 individuals allegedly involved in the operation, with Ajay Bhardwaj identified as the main accused. As long as Aalim Hakim remains unlocated, uncertainty for the affected investors grows. The resolution of the Aalim Hakim Bitcoin scam will be crucial. It could set important precedents regarding the liability of public figures in promoting high-risk financial products in the digital age.
