Indian Supreme Court Bails Bitcoin Ponzi Scheme Mastermind Amit Bhardwaj Out


Indian Supreme Court Bails Bitcoin Ponzi Scheme Mastermind Amit Bhardwaj Out

It looks like you can steal $300 million USD with a Bitcoin Ponzi scheme and get away with that, at least if you’re in India, that is. Recently, the Supreme Court of the country has decided to grant interim relief to Amit Bhardwaj and his brother Vivek.

While they are not completely scot-free, they will not have to answer for their crimes in jail at the moment. According to the lawyer of the case, Deepak Prakash, which spoke to Inc42, who reported on this story, Amit was granted bail because of his health, while his brother was released “purely based on the merits of the case”.

Both of the brothers agreed to pay some people as bail. Amit paid 100,000,000 INR (around $1.5 million USD) and his brother paid one million INR.

The brothers have also asked for the Supreme Court to club all the 12 cases which are currently listed against them across the whole country. The matter will still be decided this month unless there is an unexpected delay.

Prakash has affirmed that one of the brothers was suffering from kidney failure for months and this is part of why he was released on bail. He also had a kidney transplant recently. Most of the time he spent in jail, he spent on the hospital. He was released after his doctors submitted a medical report that proved his condition.

According to local reports, the case was supposed to be judged on the Bombay High Court as well, but this ended up not happening and the court will now see the case on April 22.

Other Accused Are Also On Bail

Other people who profited from the GainBitcoin ponzi scam are also on bail and none of their kidneys were failing. The list of people who participated in the scheme includes names like Sanchit, Rupesh Singh, Rajesh Jain, Ayush Varshney, Sahil Baghla, and Nikunj Jain.

The developer Rajesh Jain received bail to attend to his father’s funeral and the co-conspirator Ayush Varshney and Nikunj Jain stayed out of prison after getting a court relief, too. The only ones still in jail are Sahil Baghla and Rajesh Jain.

The GainBitcoin Ponzi Scam Case

Created in 2017, the scam affected from 6,000 to 8,000 Indian investors who lost the sum of $300 million USD. The scammers promised returns on over 10% monthly for investors who entered the Ponzi scheme. They operated using several multilevel marketing (MLM) techniques.

With the money from the scam, the owners of the Ponzi business opened several companies like AmazeMiners, Coinbank, and GBMiners. All of these companies were opened under Amaze Mining and Blockchain Research Ltd, the main company, which was allegedly a mining company based in Hong Kong.

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