GainBitcoin Scam: The Central Bureau of Investigation (CBI) has launched nationwide raids in over 60 cities, targeting key accused individuals and companies linked to the GainBitcoin scam. The multi-million dollar Ponzi scheme, operated by Amit Bhardwaj and his associates, lured investors with false promises of high Bitcoin returns.
CBI’s Nationwide Search Operations
Cities Targeted: The raids took place in Delhi-NCR, Pune, Chandigarh, Nanded, Kolhapur, Bengaluru, and several other locations.
Key Evidence Seized: Authorities have confiscated crypto wallets, digital evidence, and devices related to the scam.
Money Laundering Probe: Companies involved in laundering illicit gains from cryptocurrency transactions are under investigation.
What Was the GainBitcoin Scam?
Started in 2015, led by Amit Bhardwaj and Ajay Bhardwaj, operating under Variabletech Pvt Ltd.
Lured investors by offering 10% monthly returns on Bitcoin for 18 months through “cloud mining” contracts.
Followed a pyramid-based Ponzi scheme, where payouts depended on recruiting new investors.
2017 Collapse: As new investments slowed, scammers switched payments to MCAP tokens, a less valuable in-house currency, causing massive losses to investors.
CBI Investigation and Legal Actions
Multiple FIRs filed across India, leading to CBI’s intervention following a Supreme Court order.
Cases transferred from Jammu & Kashmir, Punjab, Chandigarh, Delhi, West Bengal, MP, Karnataka, and Maharashtra.
Investigation ongoing, with authorities tracking down laundered funds and crypto transactions.
What’s Next?
The CBI continues to probe the extent of financial damage and track remaining assets linked to the GainBitcoin Ponzi scheme. Investors are urged to stay cautious about fraudulent crypto investment schemes promising unrealistic returns.
