More Charges For Indian Suspects In A Cryptocurrency Pyramid Scheme
A major Indian newspaper reported that local police in Chandigarh have arrested and charged four individuals for allegedly conning an investor up to $1.4 million worth of digital currency investments.
The primary suspect, seen as the mastermind of the fraudulent scheme , is Amit Bhardwaj. The other three include Amit’s brother, Vivek, as well as Hemant Bhope and Pankaj Adlakha. The post also revealed that a similar case had been filed in New Delhi against men who are thought to be close to Amit Bhardwaj.
The prosecution has managed to mobilize 27 witnesses as well as 15 petitioners. Amit is accused of using GainBitcoin to defraud investors. GainBitcoin lured traders by providing lucrative investments plans and claimed to generates its profits from both mining and trading cryptocurrencies.
On the other hand, Vivek is charged with conspiracy to steal from unknowing crypto investors. This is because he was chief promoter of the GainBitcoin platform. Similarly, Bhope and Adlakha were also charged with promoting a fraudulent scheme.
The first hearing of this case is scheduled for December 4. Then, the suspects will get a copy of the charge sheet and have the chance to take a plea. There is, however, a disparity between the plaintiff’s claim and the amount indicated in the charge sheet. The complainant says that they lost $1.4 million worth of investment, whereas the document sets the figure at $800,000.
Amit and Vivek Bhardwaj were apprehended earlier this year for using GainBitcoin to defraud a whopping $300 million from an estimated 8,000 investors. Like other fraudulent schemes, GainBitcoin lured investors by offering high potential returns.
The two brothers had been in custody since their arrest. After hearing of their arrest, the petitioner in questions reported their case to the Chandigarh police, who subsequently charged the brothers. Apparently, the Bhardwaj brothers convinced them to invest with GainBitcoin at a meeting in Dubai.