New Delhi: The Central Bureau of Investigation (CBI) has conducted extensive searches across more than 60 cities in connection with the GainBitcoin cryptocurrency scam.
The operation spanned multiple locations, including Delhi-NCR, Pune, Chandigarh, Nanded, Kolhapur, and Bengaluru, targeting key accused individuals and companies suspected of laundering illicit funds.
During the searches, the agency seized crypto wallets, incriminating digital evidence, and devices containing crucial information.
Officials also recovered data stored in emails and cloud accounts related to the alleged scam.
GainBitcoin, a Ponzi scheme launched in 2015 by Amit Bhardwaj along with Ajay Bhardwaj and their network, promised investors 10% monthly returns in Bitcoin for 18 months.
Operating through multiple websites under Variabletech Private Limited, the scheme followed a multi-level marketing (MLM) model, where profits depended on recruiting new investors.
Initially, the company made payments in Bitcoin. However, as investments declined in 2017, the scheme began to collapse.
To mitigate losses, GainBitcoin allegedly converted payments into its in-house cryptocurrency, MCAP, which held significantly less value, further defrauding investors.
The CBI registered multiple FIRs across India, citing large-scale fraud and money laundering.
Given the complexity and scale of the scam, cases from states such as Jammu and Kashmir, Punjab, Delhi, West Bengal, Madhya Pradesh, Karnataka, and Maharashtra were transferred to the CBI following a Supreme Court directive.
Authorities are continuing their probe to uncover the full extent of the financial irregularities and track the movement of illicit funds.
The investigation marks a crucial step in cracking down on fraudulent cryptocurrency schemes and ensuring accountability for those involved.
