India’s Central Bureau of Investigation, India’s national crime-investigating agency, has conducted searches at over 60 locations to search for an eight-year old Bitcoin.BTCInvestigation of a Ponzi scheme involving 6606 crores Indian Rupees (75,8 millions).
CBI conducted raids on major Indian cities. Authorities searched for properties linked to suspects and their associates across Delhi, Bengaluru Pune, Nanded and other major cities.
Chase behind the unforgettable past
The GainBitcoin scam was orchestrated by the Bhardwaj Brothers — the infamous Bitcoin evangelist Amit Bhardwaj and his brother, Vivek Bhardwaj. They were accused of scamming about 8,000 investors through GainBitcoinThe scheme, which was launched in 2013, is an investment program with a cloud platform that allows Bitcoin mining and trading. CBI says:
“The fraudulent scheme lured investors by promising lucrative returns of 10% monthly in Bitcoin for 18 months. Investors were encouraged to purchase Bitcoin from exchanges and invest them with GainBitcoin through ‘cloud mining’ contracts.”
They were both arrested following numerous First Information Reports filed by the police. Amit Bhardwaj, according to reports, was behind GainBitcoin while his brother, Amit, was in charge of the operation. “conspirator” The scammers are responsible for the promotion and marketing of their products at cryptocurrency events.
Related: Bitcoin Mining Boss Bhardwaj Carries On Despite Arrest Petition
Indian authorities continue their investigations
Eight individuals have already been arrested. arrested Amit the scam GainBitcoin. Amit passed away In January 2022, after a cardiac event while out on bail.
Rashmi Shulko, the police commissioner said that Bhardwaj Brothers had exploited a lack in crypto-knowledge. They would collect money for Bitcoin and buy the same amount of Ether instead.ETHThe difference is pocketed by the user.
The CBI reiterated its commitment to conduct a thorough investigation up until the perpetrators are brought to justice. “massive cryptocurrency fraud” They are prosecuted.
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Source: cointelegraph.com
