Conducting national searches on more than 60 sites, India’s Central Bureau of Investigation (CBI) has stepped up its crackdown on one of the biggest bitcoin frauds in the nation. Targeting people connected to a Bitcoin investment program that misled investors with over 6,600 crore INR ($75.8 million) with promises of assured returns, the operation aims to recover money lost.
To find assets and compile evidence against important suspects, authorities conducted search operations in big cities including Delhi, Bengaluru, Pune, and Nanded. Launched in 2013 by Amit Bhardwaj and brother Vivek Bhardwaj, the bogus scheme known as GainBitcoin Promising investors a 10% monthly return for eighteen months, their cloud-based platform claimed to include Bitcoin mining and trading tools.
The brothers urged thousands of gullible investors to purchase Bitcoin from exchanges and invest via GainBitcoin, only to later discover the entire business was a hoax. In 2017, police arrested the brothers after several accusations, classifying GainBitcoin as one of the most infamous Ponzi scams in Indian history.
Eight people connected to the fraud have already been arrested by the CBI; meanwhile, investigations are under way to determine the whole scope of the theft. In an attempt to find further transactions and recover pilfered items, authorities have also seized digital wallets, laptops, cellphones, and important documentation. Police authorities underlined that Amit Bhardwaj used the limited knowledge of cryptocurrencies to control investors. The fraudsters allegedly turned the assets into other digital currencies, like Ether and MCAP tokens, instead of spending the promised investor money and therefore pocketing large profits.
Indian authorities are determined to make all accountable even if Amit Bhardwaj passes in 2022. Officials hope to destroy bogus crypto systems and deliver justice to thousands of impacted investors by means of ongoing investigations and national raids.
