RATE Group | Police Bust Bitcoin Ponzi Scheme that Defrauded 8,000 Investors
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Police Bust Bitcoin Ponzi Scheme that Defrauded 8,000 Investors

22 Dec Police Bust Bitcoin Ponzi Scheme that Defrauded 8,000 Investors

Posted at 15:50h in Cryptocurrency News by

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Police in India have cracked a crypto Ponzi scheme in the city of Pune that defrauded over 8,000 investors, seizing nearly $2 million worth of bitcoin in the process.

According to a news report from The Times of India, police have been on the trail of the scammers since January and have now arrested the scam’s ringleader, Amit Bhardwaj, and ten accomplices for their fraudulent activities. Bhardwaj and his brother, who was also implicated in the case, were taken from Dubai to Delhi where they will now stand trial.

Catching the Crypto Ponzi Scheme Scammers

Bhardwaj owned a company called GainBitcoin that promised investors 10% returns in order to lure them into the crypto Ponzi scheme. Bhardwaj and his accomplices used the money to live the life of luxury and their ill-gotten gains on partying to attract even more victims.

Although a majority of the Indian crypto scams took place in Pune, the scammers also hosted high-end luxury parties across Macau and Dubai to entice…

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