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

Superintendent of Police Krishna Kumar Vishnoi said the two ran a scheme under the banner of FLC Company, promising investors annual returns of 50-70 per cent on Bitcoin purchase.

"They took around Rs 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 said.

The investigators have so far identified 38 people who were defrauded through the scheme.

"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.

Police have issued a lookout notice against the celebrity hairstylist and his son.

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

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