Under this scheme, Amit Bhardwaj and his marketing agents were able to collect investments worth about 80,000 bitcoins
The Enforcement Directorate (ED) has attached immovable properties and bank balances worth Rs 42.88 crore of Amit Bhardwaj and his accomplices who cheated people through a bitcoin trading ponzi scheme. The scheme was run under the banner of Variabletech Pvt Ltd, Singapore.
The probe revealed that Bhardwaj had started a company at Singapore by name Variabletech Pvt Ltd in 2015 and through its website, www.gainbitcoin.com launched a ponzi scheme of Bitcoin trading. Bitcoin is a virtual crypto-currency which is very popular amongst the investors.
Under the scheme, Bhardwaj through his team of marketing agents used to lure the people by asking them to buy bitcoins out of their investments and then invest these bitcoins in his bitcoin scheme by promising very high returns in terms of bitcoins itself by use of bitcoin mining kits.
Under this scheme, Bhardwaj and his marketing agents were able to collect investments worth about 80,000 bitcoins. However, instead of paying back the promised returns to the investors in bitcoins, "Bhardwaj offered them returns in his own newly launched crypto-currency token MCAP which had nearly no value on crypto-currency exchanges. There are large numbers of investors who got cheated in this way," the ED stated
ED initiated the investigation under the provisions of the Prevention of Money Laundering Act, 2002 resulting in the provisional attachments of immovable properties and bank balances worth Rs 42.88 crore.
These properties include six offices of Bhardwaj located at Dubai and the flats and bank balances of his two marketing agents Hemant Bhope and Pankaj Adlakha.
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