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Mastermind Of Bitcoin Amit Bhardwaj Arrested For $300 Million Bitcoin Scam

Apr 07, 2018 Posted /  717 Views

Mastermind Of Bitcoin Amit Bhardwaj Arrested For $300 Million Bitcoin Scam

Mastermind Of Bitcoin Amit Bhardwaj Arrested For $300 Million Bitcoin Scam


Bitcoin mastermind Amit Bhardwaj has been arrested for purportedly misleading investors out of Rs 2,000 crore. One of the greatest Indian names in the cryptocurrency market, Amit Bhardwaj ran a large number of ventures like GBMiners, GB21, GainBitcoin, and MCAP.

On Wednesday, he was captured at the Bangkok airport terminal and was later moved to Pune to confront the trial.

The cryptocurrency visionary is blamed for swindling investors with his Ponzi schemes. According to the sources, this scam could run between Rs 5,000 crore and Rs 13,000 crore. The suspect utilized a flash drive to store the digital currency investment.

As indicated by police complaints, the captured suspect had embraced a multi-level advertising (MLM) model to attract financial investors to bitcoins. He initially launched GBMiners and, in 2015, took off GainBitcoin, a bitcoin-based venture alternative promising monthly returns of 10 percent. In 2017, Bhardwaj reported the launch of his own digital currency token called MCAP as a payout alternative to its investors. MCAP was presented as a more lucrative contrasting option to bitcoin. As indicated by complainants, terms and condition on the GainBitcoin site were changed overnight to supplant bitcoin with MCAP as the main method of payout to financial investors.

Before long, the GainBitcoin site was shut down purportedly for support. Bhardwaj, who had effectively left India, quit engaging telephone calls from his Indian financial investors.As per Ranjit Patil, Maharashtra's Minister of state for home, the accused cheated around Rs 2,000 crore from different urban areas of the state through this crypto ventures. The real size of the extortion could be significantly greater, given the scale of his operations.

The estimation of one bitcoin right now remains at around Rs 4.30 lakhs. Bhardwaj's organizations on the whole control nearly two percent of the world's aggregate hash control in the cryptocurrency market.


Delhi based investigator acquainted with the case said:
"It's virtually impossible to estimate the exact amount of money involved in this process because it is in cryptocurrency.  But a rough calculation would put the total money between Rs 5000 crores and Rs Rs 13,000 crore."


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