Darshan Bathija founded Bank of Hodlers in 2018 as an Indian “blockchain-based financing firm.”
In June 2019, BehindMLM analyzed Bank of Hodlers and concluded that it was a basic crap token exit-scam MLM crypto Ponzi.
Bathija dropped MLM and relaunched as Vauld after Bank of Hodlers failed in 2021.
Vauld sought investment, particularly from Indian people, with the promise of yearly returns of up to 40% on several cryptocurrencies.
Bathija banned Vauld withdrawals on July 4, 2022, thereby ending the Ponzi fraud (again).
Bathija cited “volatile market circumstances” and “financial issues” to avoid admitting Vauld ran out of invested cash to pay withdrawals.
Bathija alleges Vauld investors withdrew $197.7 million between June 2022 and June 2023. Sounds like the Ponzi end-game of “withdrawals exceeding fresh investment.”
Bathija is established in India, but Vauld, like Bank of Hodlers, is a Singapore shell corporation. Singapore has a dismal track record in policing offshore securities fraud.
Bathija (right) is claiming Vauld is a genuine corporation with alternatives, rather than admitting his restarted Ponzi scheme flopped again.
(Vauld) has hired Kroll as its financial advisor, as well as the Indian and Singaporean law firms Cyril Amarchand Mangaldas and Rajah & Tann Singapore LLP.
“We feel this will help us explore the viability of alternative restructuring solutions with our financial and legal consultants.”
We would like Vauld platform clients to realize that we will be unable to execute any new or further requests or instructions in this respect.
Bathija said, “Specific arrangements will be created for client deposits required for specific customers to pay margin calls in conjunction with collateralised loans.”
According to Similarweb, 55% of visits to Vauld’s website come from India. The United States is the second largest source of traffic, accounting for 14% of all traffic.
Decrypt estimates Vauld’s known assets at “approximately $330 million,” citing court filings posted in Singapore (Vauld has applied for protection against its investors there).
The difficulty is that this sum is only backed by $287.7 million. And the longer the Ponzi scam operates, the greater the disparity.
While Singaporean authorities are unlikely to act, Indian officials have blocked Rs. 370 crore ($46.4 million USD) of Vauld’s assets.
Vauld called the freeze “unfortunate” in a press release in reaction to the enforcement action.
In every nation, including India, we have stringent KYC standards. We are seeking legal counsel to determine the appropriate course of action to defend the interests of the firm, its customers, and all stakeholders.
KYC does not replace the need to register with financial regulators and file audited financial reports. Back in June 2019, I personally informed Bathija about this.
Bathija sparked the argument by calling BehindMLM’s fair assessment of Bank of Hodlers being a Ponzi scam “worthless clickbait that’s not studied well at all.”
Bathija has secured his social media platforms, with the exception of Twitter, which he rarely uses. It’s unknown if he’s still in India or has escaped.