Nirav Modi of Bitcoin Amit Bhardwaj caught Scamming Rs 2000 Crores!

Amit Bhardwaj, the man behind Rs 2,000-Crore Bitcoin Scam Arrested At Delhi Airport. He was arrested by the Pune police on Thursday from Indira Gandhi International Airport, Delhi.

He has known to be cheated more than 8,000 people to a sum of Rs 2,000 crore and had escaped from Dubai Airport last week.According to a local news channel he was caught at Bangkok Airport on Wednesday evening and then brought to India on Thursday.

A case has been filed against Amit Bhardwaj. Bhardwaj and his associates allegedly duped various investors in Maharashtra including Mumbai, Pune, Nanded, and Kolhapur. He had operated a multi-level marketing fraud by promising high returns to investors at ten percent rate, only if they give him bitcoins. Under the scheme, each contract that was signed by investors was set for a period of 18 months.

But the whole scheme later turned out to be a Ponzi scheme to dupe investors after which Bhardwaj fled the country.

In March, when Enforcement Directorate came to know about the scam through Ponzi schemes on the website of the Bitcoin company – GainBitcoin – they discharged a legal notice against him.

Gainbitcoin website on Updated 7th April


Further cases against Bitcoin MLM were filed in Pune, Nigdi and Dattawadi police stations. Deputy Commissioner of Police (Cyber and FICN) Bhisham Singh told The Newschannel, “He has set up an office in Dubai and continues with his operations. We currently do not have a single FIR against Bhardwaj in our unit. A case has been registered in Prashant Vihar.”


It was promised to get double the invested amount within a year, though that wasn’t true. The company gave money for few months then started pushing Mcap instead of Bitcoin.


Value of Mcap within a year


Hence the culprit is in police custody and we can hope that the people’s money will be taken back from him. So India finally prevented another Nirav Modi from going abroad.

Last tweet of Gainbitcoin on twitter in jun 2017

Techllog View:

Yesterday, the Reserve Bank of India asked banks not to entertain any businesses that deal in virtual currencies. The action was taken to protect the interest of consumers and monitor money laundering.RBI’s concern is hence verified.

People need to be lit more cautious from now investing in any of these kinds of Ponzi schemes.Your money is very hard earned, no one can keep it safe more than you.

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Prashant Gupta

Prashant Gupta

Hey Forks! It's me Prashant, I am a college student pursuing Computer Science degree. I am a Crypto Enthusiast and Tech Geek — ♥ Love to learn and Code and I am here to empower peoples towards Technology and cryptocurrency.

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