What is GainBitcoin case? CBI conducts searches at over 60 locations in $757.26mn cryptocurrency scam
India news: Searches were spread across cities, including Delhi NCR, Pune, Chandigarh, Nanded, Kolhapur, and Bengaluru, targeting premises allegedly linked to key accused.
The Central Bureau of Investigation (CBI) on Tuesday conducted searches at 60 locations across India as part of its probe into the USD 757.26 million GainBitcoin cryptocurrency scam, officials said.
The searches were spread across multiple cities, including Delhi NCR, Pune, Chandigarh, Nanded, Kolhapur, and Bengaluru, targeting premises allegedly linked to key accused individuals, a CBI spokesperson said in a statement.
The raided premises are linked to key accused, their associates, and entities suspected of laundering ill-gotten gains from the scam.
As the CBI raided, they recovered some crypto wallets, incriminating digital evidence, digital devices, and evidence from email/clouds.
What is GainBitcoin?
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Launched in 2015 by Amit Bhardwaj and a network of agents, GainBitcoin was a Ponzi scheme and was operated through multiple websites under the facade of a company named Variabletech Pte. Ltd.
The scheme lured investors by promising them lucrative monthly returns of 10 per cent in Bitcoin for 18 months.
It further encouraged investors to buy Bitcoin from different exchanges and invest them in GainBitcoin through cloud mining contracts.
The model followed a multi-level marketing (MLM) structure, commonly associated with pyramid-structured Ponzi schemes, where payouts are dependent on bringing in new investors.
What was the scam?
In the beginning, investors received payouts in Bitcoin, however, the scheme later began to collapse, with fresh investments drying up by 2017.
GainBitcoin then unilaterally switched payouts to an in-house cryptocurrency called MCAP, which held significantly less value than Bitcoin, further misleading investors.
Also read: Wales man fights to recover $ 710 million worth of bitcoin thrown in garbage dump by ex-girlfriend
Following this, investors began to register FIRs all across India, alleging large-scale fraud and money laundering. Cases were registered in Jammu & Kashmir, Punjab, Chandigarh, Delhi, West Bengal, Madhya Pradesh, Karnataka, and Maharashtra.
Later, the Supreme Court transferred them to the CBI for a unified investigation.
(With inputs from agencies)
