India Bitcoin Fraud: Amit Bhardwaj’s Brother Arrested By Delhi Police

by | Sep 24, 2018 | Bitcoin, Cryptocurrency, Cryptocurrency News

Amit Bhardwaj | Vivek Bhardwaj | Delhi Police | Bitcoin Fraud | India fraud

Vivek Bhardwaj, the brother of Amit Bhardwaj, who all allegedly the mastermind behind one of  India’s biggest Bitcoin fraud has been taken into custody by Delhi Police for questioning. Amit ran a Ponzi scheme spanned across multiple states in the country and managed to dupe almost 2,000 innocent investors to the tune of 80,000 Bitcoins.

Amit himself was arrested from Bankok in April after multiple cases of fraud and cheating were registered against him in different parts of the country. ED (Enforcement Directorate),  the agency responsible for enforcing economic and financial regulations and fight economic offenses in India is leading the case. 

On Thursday, Vivek Bhardwaj was taken into the custody and quetioned at the Prashant Vihar police by Delhi Police. The Bhardwaj brothers are residents of Shahipur village in Delhi’s Shalimar Bagh. The duo is the founders and CEOs of Gain Bitcoin, GB Minors, and GB21 firms and along with accomplices have allegedly cheated investors by not delivering their promised share of bitcoin.

The Fraud

Bhardwaj enticed Indian investors by luring them into buying bitcoins and investing them in an 18-month plan that promised a 10% monthly returns, payout in bitcoin.  Lucrative incentives were further promised if investors lured more members into the scheme.

Bhardwaj and his hired agents claimed that the company could afford the high-interest pay-outs as they are running profitable Bitcoin mining operations under the banner of GbMiners. To entice and invite more investors the company did offer the monthly interest for the first few months.

 Read more: Amit Bhardwaj Threw Lavish Parties To Lure Investors Into His Bitcoin Scam

In May 2017, the company stopped paying out its customers in bitcoins and instead started paying them in a cryptocurrency called MCAP, which was launched by Amit Bhardwaj himself.

The latest fraud case was registered by the software development firm, T R Mittal, and two others, who claim that Amit promised them a Dubai trip and took them to two meetings at five-star hotels in Delhi. During the ‘meeting’, they were introduced to a referral scheme.  Mittal and his colleagues approached police when the promised bitcoin wasn’t transferred.

In an interview with the Indian Express, Mittal stated that made a payment of Rs 1.09 Crore to Amit. He elaborates that in 2016, he was introduced to Karan, the control head of the Delhi NCR operations, and Pawan Batra, a sub-agent. Both of them told him about their association with Amit and told him that they are well-versed in his Bitcoin mining operations. They even claimed that Amit’s company had bought a gold mine in Africa and more than 100 investors had been taken to Dubai for the promised trip.
Mittal invested 240 bitcoins and according to the promised 10% he should have received  24 Bitcoins every month.
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Arshmeet Hora

The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.”  Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.

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