The Master Mind Of Rs 2,000-Crore Bitcoin Scam Arrested At Delhi Airport

The Logical Indian Crew

April 6th, 2018 / 5:10 PM

Image Credits: Amit Bhardwaj

Amit Bhardwaj, the bitcoin mining operations entrepreneur, was arrested by the Pune police on Thursday from Indira Gandhi International Airport, Delhi. Bhardwaj, an accused of duping more than 8,000 people to a sum of Rs 2,000 crore, had escaped from Dubai Airport last week.

According to News 18, he was held at Bangkok Airport on Wednesday evening and then brought to India on Thursday.


Case Filed Against Bhardwaj

As per the government, Bhardwaj and his associates allegedly duped various investors in Maharashtra including Mumbai, Pune, Nanded, and Kolhapur. The Delhi police reported that Bhardwaj had allegedly operated a multi-level marketing fraud by promising high returns to investors at ten percent rate, only if they give him bitcoins. Under the scheme, each contract that was signed by investors was set for a period of 18 months. However, the whole scheme later turned out to be a trap to deceive investors after which Bhardwaj fled the country.

In March, when Enforcement Directorate came to know about the scam through Ponzi schemes on the website of the Bitcoin company – GainBitcoin – they discharged a legal notice against him. Also, cases against Bitcoin MLM were filed in Pune, Nigdi and Dattawadi police stations. Deputy Commissioner of Police (Cyber and FICN) Bhisham Singh told The Indian Express, “He has set up an office in Dubai and continues with his operations. We currently do not have a single FIR against Bhardwaj in our unit. A case has been registered in Prashant Vihar.”


RBI Warning

On Thursday, the Reserve Bank of India asked banks and other regulated entities not to assist any businesses that deal in virtual currencies. The action was taken to protect the interest of consumers and monitor money laundering.

Virtual currencies “raise concerns of consumer protection, market integrity, and money laundering, among others,” Press Trust Of India quoted the central bank.

This is not for the first time, the Centre and the RBI have warned people earlier against the virtual currencies dealings.

 


Contributors

Written by :

Edited by : Pooja Chaudhuri

Share your thoughts..

Related Stories

Pakyong Airport

Fact Check: Is Sikkim’s First Airport The 100th Airport Of India As Claimed By PM Modi?

IGI Airport Security Delhi

Government Threatens To Remove Security Cover From Delhi Airport Over Unpaid 600 Crore

Rs 11,400 Crore PnB Scam To Be Investigated By PwC, A Firm Found Guilty In Satyam Computer Scam

Aftermath Of GST: Taxpayers Claim Rs 65,000 Crore As Refund Out Of Rs 95,000 Crore Collected By Govt

Bitcoin

Bitcoin: What Is It, How It Works & What It Means For The Future Of Money

ONGC Buying Stakes Of GSPC

Public Owned ONGC Buying Stakes At Rs 20,000 Crore Debt-Ridden Gujarat Firm GSPC, It Smells Of A Scam

Latest on The Logical Indian

News

Good News: Population Of Ganga River Dolphins Rises To 33 From 22 In 2015

News

Anil Ambani’s Reliance Sues NDTV For 10,000 Cr Over Show On Rafale Deal

Sponsored

A Teacher, Coach & Saviour: This Man Is Transforming Lives Through Basketball

Awareness

How Modi Government Drove India’s Most Profitable Company Under A Mountain Of Debt

News

Kerala Man Living In Saudi Removed From Job For Making Insensitive And Derogatory Remark On Sabarimala Row

News

Bengaluru Man Allegedly Molests 20-Yr-Old IndiGo Flight Attendant On Board, Arrested

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.