The mastermind behind the multicrore Bitcoin scam, Amit Bhardwaj lured his investors by organizing all paid investors’ summit in Dubai and Macau along with lavish parties in metros across the country. All the expenses were borne by his three firms, Gain Bitcoin, GB Minors and GB 21.
16 investors lodged complaints against Amit and his accomplices with Chandigarh Police for allegedly cheating them of nearly Rs 15 crore. Three investors out of the 16 have had attended the November 2016 investors meet. The Chandigarh police have Amit, his elder brother Vivek Bhardwaj and two others under custody for four days. An investor, who requested anonymity, states:
“We were invited to attend the investors’ summit in Dubai and Macau. Tickets along with other documents were sent to us. When we started raising our voice for not getting the profit on our invested money in Bitcoin during the summits, Amit and his younger brother Aditya Bhardwaj assured us that our money would be returned but all in vain. Apart from India, people from China, Vietnam, Dubai, Mauritius and other countries were also present at these summits.”
August 23, Amit, Vivek, Pankaj Adhlakha and Hemant Bhope were brought on production warrants from Tihar Jail, the cyber crime cell is interrogating the convicts. Rashmi Yadav Sharma, DSP cyber cell said
“According to the statements of the 16 investors, they had purchased around 180 Bitcoins from Amit Bhardwaj. But there is a huge difference in the price of Bitcoins, purchased by the investors. One of the investors bought a Bitcoin at a cost of Rs 40,000 while the second investor purchased it at a cost of Rs 1 lakh. They were promised 10 percent return on the total investment for the next 18 months. A few of them had started receiving returns but it was only a bait assuring them that their money was safe. Accused Pankaj Adhlakha was a motivator speaker, who urged and motivated people to invest money in Bitcoins.”
According to a source:
“During interrogation, accused Amit Bhardwaj agreed to return the invested principal amount to two investors in the shape of Indian currency and refused to give them the amount equal to the value of Bitcoins at present. Currently, the price of one Bitcoin is around Rs 2.05 lakh. Earlier, the price of Bitcoin reached Rs 4 lakh.”
The convicts started their fraudulent business venture in 2018, at Shalimar Bagh in Delhi. After an FIR was registered against them at Chandigarh Sector 17 police station by on complaint of Mohali resident Amardeep Singh. Singh has reportedly purchased 50 Bitcoins at a cost of Rs 80,000 each from Amit’s firm in December 2016.