The operation ran on several sites under the pretext of Variabletech Pte. Ltd.
Cryptocurrency Scam latest news today: The Central Bureau of Investigation (CBI) is carrying out massive searches at more than 60 locations in India in connection with its probe into the Gain Bitcoin cryptocurrency scam. The simultaneous search operations are being conducted in key cities such as Delhi NCR, Pune, Chandigarh, Nanded, Kolhapur, Bengaluru, and others. The searches are being conducted at premises belonging to main accused persons, their accomplices, and against units suspected of money laundering of crime proceeds.
Gain Bitcoin, which was said to be a Ponzi scheme created in 2015 by the late Amit Bhardwaj, along with Ajay Bhardwaj and his agent network, guaranteed high returns of 10% per month for 18 months in Bitcoin. The operation ran on several sites under the pretext of Variabletech Pte. Ltd. Incentives were given to invest Bitcoin purchased from exchanges and to invest them with GainBitcoin with "cloud mining" contracts. The scheme had a multi-level marketing (MLM) model, traditionally linked to pyramid-shaped Ponzi schemes, whereby returns were reliant on recruiting fresh investors2.
First, the investors were being paid out in Bitcoin. When the flow of fresh investments slowed down by 2017, the racket started to fall apart. In a bid to conceal the losses, GainBitcoin unilaterally changed payouts to their supposed in-house currency MCAP, which was worth much less than Bitcoin, further cheating the investors2.
Several FIRs were filed across India for large-scale fraud and money laundering. Due to the enormous magnitude and intricacy of the scam, cases filed in different states such as Jammu & Kashmir, Punjab, Chandigarh, Delhi, West Bengal, Madhya Pradesh, Karnataka, and Maharashtra were shifted to the CBI by the Supreme Court of India. The CBI has inherited these cases and is carrying out a thorough investigation to reveal the entire scope of the fraud, name all the accused persons, and track the embezzled funds, including foreign transactions2.
During the raids, the CBI has confiscated a number of crypto wallets, incriminating digital evidence, and digital equipment. Evidence contained in emails and cloud storage has also been confiscated. The CBI is dedicated to making sure that the investigation is comprehensive and unbiased and the culprits of this gigantic cryptocurrency scam.
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