ponzi scam indiaAnother big fraud of digital currencies happened in India recently. Vivek Bhardwaj and Amit were accused of theft of approximately $300 million USD. Two thousand investors invested this money. The figures are just estimations because original databases were destroyed by the accused.
The Bhardwaj brothers founded Gain Bitcoin and stole the invested money. Many agents were involved in this fraud, and they received a high percentage of commission. The company is also accused of purportedly owning a gold mine in Africa. However, Amit admitted to returning the amount to the investors, but it was not allowed by the police.
The stolen money was not only invested in Gain Bitcoin, but Shell Company was also involved in fraud. Sanchit, the owner of the Shell Company is in police custody. Five more people were involved in this fraud. Police will arrest them soon.
India is facing many scams related to cryptocurrencies from the past year. The Indian government is making more laws and rules to control this situation. Most of the stolen digital currency is Bitcoin, and their number is undefined because of destroyed databases by the culprits. Indian cybercrime department should be given the training to solve such issues and to do the proper investigation.
Recently Indian police have failed to get information, and it could not recover destroyed data due to lack of knowledge. Gain Bitcoins, GB Miner, and GB 21 destroyed their databases when investors started complaining about the withdrawals. However Indian police are gathering data from emails that showed the investments were made to Bhardwaj`s company. Police are trying to recover the databases. Amit Bhardwaj and his allies will be arrested soon.
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