Delhi, Pune, Nanded, Kolhapur, Mumbai, Bengaluru, Chandigarh, Mohali, Jhansi, and Hubli were among the 60 locations searched by the officials as part of its probe into the scam.
GainBitcoin scam case: Following a two-day search operation at around 60 locations, the Central Bureau of Investigation (CBI) has seized cryptocurrencies worth more than Rs 23.94 crore in the GainBitcoin scam case.
According to officials of the central probe agency, they have also seized multiple hardware crypto wallets, 121 documents, 34 laptops and hard disks, 12 mobile phones and multiple email and instant messaging application dumps.
“Following the nationwide searches conducted on February 25 and 26 in connection with the GainBitcoin cases, the Central Bureau of Investigation (CBI), using in-house capabilities, has seized significant incriminating evidence and virtual digital assets, further unravelling the extent of the cryptocurrency fraud,” a spokesperson said in a statement.
Officials said that they have sent the electronic devices for forensic analysis. This will help them uncover further details regarding the misappropriation of funds and potential international transactions linked to the scam.
Delhi, Pune, Nanded, Kolhapur, Mumbai, Bengaluru, Chandigarh, Mohali, Jhansi, and Hubli were among the 60 locations searched by the officials as part of its probe into the scam. The search operation started on Tuesday and concluded on Wednesday.
The ponzi scam perpetrated through a web of platforms, including flagship site www.gainbitcoin.com, was allegedly masterminded by Amit Bhardwaj (now deceased) and his brother Ajay Bhardwaj, the officials said.
Launched in 2015, the illicit operation was camouflaged under the facade of Variable Tech Pvt.
Ltd, they said.
The investors were lured by the offer of a 10 per cent monthly return in Bitcoin over 18 months. They were urged to purchase the digital currency from external exchanges and deposit it with GainBitcoin through “cloud mining” contracts, the central agency said.
“The model followed a multi-level marketing (MLM) structure, commonly associated with pyramid-structured ponzi schemes where payouts are dependent on bringing in new investors,” the spokesperson said.
With PTI inputs
