Mastermind of a Bitcoin [BTC] ponzi scheme worth over $300 billion arrested in India

Amit Bhardwaj, a cryptocurrency expert, and a published author was arrested by the Pune police at the Delhi airport yesterday, upon returning from Bangkok. He is said to have masterminded a scam that involved over 8000 people and adding up to a whopping Rs. 2000 crores ($300 billion).

The Pune police have been on the lookout for him ever since he went into hiding over a year ago. His 3 companies, GB Minors, Gain Bitcoin, and GB21 have been under the police scanners and were under investigation for being part of the MLM program which promised its investors a high rate of returns on their investment but did not stay true to it. Amit’s arrest comes as an addition to the arrest of multiple other people involved in the Ponzi scheme.

Amit Bhardwaj has been a trusted and endorsed semi-celebrity in the virtual currency world for a few years now. He introduced India’s first retail marketplace accepting Bitcoin, HighKart, back in 2014 and also own multiple Bitcoin mining operations in India and China. In addition to this, he has also authored 2 ebooks, ‘Cryptocurrency For Beginners’ and ‘Cryptocurrency Trading & Cryptocurrency Mining’.

Thus far, according to sources, a total of 32 Bitcoin and 79.99 Ether has been recovered in addition to vast sums of cash. There seem to be indications that this could be a part of a much bigger operations with links to multiple countries including Pakistan, Ukraine, Russia, Indonesia and many more. The police is further investigating the case as this arrest becomes a crucial component to build a strong case for the investors to seek justice.

Pankaj Ghode, with the Pune police, told news sources:

“we are waiting to get our hands on the physical data and after that we would be able to figure out the exact number of bitcoins involved in this case. But we estimate that it could be anything between one lakh to five lakh bitcoins.”

Sukhbir Uppal had these very strong feelings about the arrest:

“Arrest of Amit Bharadwaj is an amazing !Amit Bhardwaj should rot in jail and get 100 lashes every day. Please get our BTC back. NO BAIL FOR HIM EVER.”

Ajay Sharma tweeted:

“Highly Laudable !! Sincere thanks to Pune Police for bringing back scamster Amit Bhardwaj who has duped innocent people of their hard earnings by investing in his ponzy scheme GainBitcon. Amit Bhardwaj should return investors Bitcoins”

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