The alleged mastermind behind the $300 Bitcoin(BTC) Ponzi Scheme in India, Amit Bhardwaj and his brother Vivek Bhardwaj have been granted interim relief by the Supreme Court of India, as reported by a leading Indian media platform, Inc42.
Deepak Prakash, Bhardwaj’s lawyer told the publishing:
“While Amit Bhardwaj has been granted interim bail based on his health ground, the Supreme Court granted bail to his brother, purely based on the merits of the case. As part of the bail agreement the Supreme Court asked Amit Bhardwaj to deposit INR 10 Cr and his brother to deposit INR 1 Cr, Prakash said.
Reportedly the brothers have also requested the Supreme Court to club all the 12 cases filed against them across various states in India. Prakash added on the issue that the Supreme Court is likely to hear the matter on April 27, 2019.
The Bombay High Court was supposed to hear the Amit Bhardwaj case on April 2, However, the case could not come up for hearing and the session is now scheduled for April 22, as stated by advocate Ameye Dange, who represents one of the petitioners against Amit Bhardwaj, Nisha Raisoni.
Last year in March, Amit Bhardwaj was arrested from Thailand and following his arrest, some of his comrades were also arrested by the Pune Police. During the investigation, it was revealed that the convict used to throw lavish parties to lure investors. Later Amit’s brother was arrested by the Delhi Police.
Other Alleged Conspireres
Along with the Bhardwaj brothers, their co-conspirers Ayush Varshney, Rupesh Singh, and Sanchit have also succeeded in getting interim relief in the case. Another of the co-accused, Rajesh Jain was granted interim bail on August 4, 2018, by a local Chandigarh Court in accords to perform the last rites of his deceased father.
Reportedly, Rajesh Jain and Sanchit were developers at Amit Bhardwaj’s company and were arrested on May 24 by the Pune Police. A local court of Chandigarh granted bail to Sanchit on September 20.
Allegedly, the three founders of Gurugram-based Darwin Lab, Ayush Varshney, Sahil Baghla And Nikunj Jain were receiving a 20% cut in Bhardwaj’s venture. While Baghla and Jain have been in jail for the last 11 months, Varshney was never arrested and was later granted interim relief by Bombay High Court.
The Bitcoin Ponzi scheme
The said Ponzi scheme lure investors with a promise a highly inflated 10% monthly return on Bitcoin investments for 18 months, under multi-level marketing (MLM) schemes such as Bitcoin Growth Fund.
The key accused and alleged mastermind behind the Bitcoin Ponzi scheme is Amit Bhardwaj. To accomplish his schemes, Amit founded a slew of companies — AmazeMiners, GBMiners, and CoinBank, all under the parent company Amaze Mining And Blockchain Research Ltd, registered in Hong Kong and GainBitcoin as part of his Singapore-based company Variabletech Pvt Ltd.
Notably, around 8,000 people are said to have invested in these companies and later failed to get their due returns.
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