Bitcoin Scam: Indian Police have filed a chargesheet against, the infamous mastermind behind the GainBitcoin Ponzi scheme that duped around 8,000 investors of ?2,000 crores (about $300 million), Amit Bharadwaj along with three of his accomplices – Vivek Bharadwaj, Pankaj Adlakha and Hemant Bhope.
According to a report by the local publishing, Time of India, the chargesheet runs to over 1,800 pages, with reports from 15 complainants and 27 witnesses. Amit Bharadwaj, who was arrested earlier in Thailand, has been accused of masterminding a fraudulent investment scheme with a cloud-based platform for trading and mining Bitcoin (BTC).
The 3 accomplices, Vivek Bharadwaj, arrested in September by Delhi Police, is accused of being a main “conspirator,” promoting, marketing and speaking at events organized around the scheme. Reportedly the duo threw lavish parties and hosted summits in Macau and Dubai to lure the investors. While Adlakha has been charged with complicity for his role as a promoter, Bhope has been coined as the GainBitcoin’s secretary and “motivational speaker,” who assured investors of the scheme’s safety.
The hearing will be held on December, 4, a “challan” (document) will be presented at the time that will aid in finalizing charges. The publishing notes that the challan pegs the alleged fraud at 6 crore rupees, however, the complainant has claimed it exceeded ?10 crore (around $1.4 million). While an HC petition alleges that it was “worth ?40,000 crore ($5.6 billion).”
The Bhardwaj brothers co-founded GainBitcoin scheme in 2013 and lured the investors by guaranteeing them a 10 percent monthly returns within 18 months. When the investors did not receive the promised sum, they filed a case against the company. The latest complainant claims that he was lured into the promises of the “high-yield” GainBitcoin investment scheme in 2016 upon meeting by Amit in Dubai in 2016.
When he learned about the duo’s arrest, he checked his online account that did not have even a single bitcoin and went on to lodge a complaint with the cyber crime cell of the UT police in Chandigarh.