Raids in India over GainBitcoin crypto scheme
Date: 2025-02-27 Author: Henry Casey Categories: IN WORLD
The Central Bureau of Investigation (CBI) has carried out simultaneous raids in several major Indian cities, including Delhi, Pune, Chandigarh, Bangalore, Nanded, and Kolhapur. Cryptocurrency wallets, laptops, mobile phones, and documents related to the illegal activity were seized during the operation.
According to investigators, the GainBitcoin scheme was launched in 2015 by Amit Bhardwaj, with the help of his brother Ajay Bhardwaj and a group of middlemen. The organizers offered attractive terms to investors, promising returns of up to 10% per month on their investments. Victims were convinced to buy bitcoins on exchanges and invest them through cloud mining contracts, which supposedly provided a stable profit.
However, by 2017, the structure began to crumble as new investors began to flow in. In 2018, Indian police busted the scam, revealing that more than 8,000 people had been scammed. The total amount of funds stolen was estimated to be around $2 million in BTC.
