CBI seizes cryptocurrencies worth ₹23.94 crore in GainBitcoin scam
The Hindu
CBI seizes ₹23.94 crore in cryptocurrencies in GainBitcoin scam case, investigating multi-state fraud scheme with international transactions.
The Central Bureau of Investigation (CBI) has seized cryptocurrencies worth ₹23.94 crore following searches at more than 60 locations across five States in connection with the ₹6,600-crore GainBitcoin scam case.
The searches were carried out on February 25-26 in Delhi; Pune, Nanded, Kolhapur and Mumbai in Maharashtra; Bengaluru and Hubli in Karnataka; Chandigarh and Mohali in Punjab; and Jhansi in Uttar Pradesh.
“The fraudulent scheme, launched in 2015 by Amit Bhardwaj (deceased since) along with Ajay Bhardwaj and others had promised investors 10% monthly returns on Bitcoin investments for 18 months. The scheme followed a multi-level marketing (MLM) structure, enticing investors through lucrative commissions for referrals,” the Agency said.
Although initial payouts were made in Bitcoin, as the scheme collapsed in 2017, payouts were switched to an in-house cryptocurrency, MCAP, which had significantly lower value, further defrauding the investors, the CBI said.
During the searches, the Agency seized cryptocurrencies, multiple hardware crypto wallets, 121 documents, 34 laptops/hard disks, 12 mobile phones, and multiple email and instant messaging app dumps.
“The seized documents and electronic devices are currently under analysis to uncover further details regarding the misappropriation of funds and potential international transactions linked to the scam,” the CBI said.
Earlier, several First Information Reports were registered in different parts of the country, alleging large-scale fraud and money laundering. “Given the vast scale and complexity of the scam, cases registered in various States, including Jammu & Kashmir, Punjab, Chandigarh, Delhi, West Bengal, Madhya Pradesh, Karnataka, and Maharashtra, were transferred to the CBI by the Supreme Court,” an official said.
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