Uncovering the Leader’s Whereabouts of a $300 Million Crypto Ponzi Scam
Manipulating a large number of folks to get your stuff done is undoubtedly an art, and collectively we have to agree that like Che Guevara and Osho, Amit Bhardwaj was indeed one of a kind.
There's no denying that Amit Bhardwaj played a fatal role in introducing bitcoin to Indian users as well as investors. But then, also its beyond believe what happened after that. The name Amit Bhardwaj when mentioned among crypto investors in India, only one thing comes in mind, being fooled and then scammed.
The Masterclass Move
At first, everything was very positive. Bhardwaj promised the people of heaven on earth letting them understand the power of cryptocurrency. He convinced a plethora of them to invest in his multi-level-marketing schemes (MLM). As a founder of several companies, he had everything for most people to believe in him.
Besides, he promised a full 10% monthly return on the Bitcoin investments for 18 months in his MLM. Surely, even if it were you, the deal was too good to turn down. In fact, several individuals went for loans to invest.
After all the investments, what followed is an alleged scam of $300 million. The man himself went missing but later arrested in Bangkok on March 30, 2018, after a number of cases filed by bitcoin investors. Several other names were on the spotlight which includes Bhardwaj's brother and several others.
An Interim Bail Relief Plea for Bhardwaj
Bhardwaj's health has not been well ever since his arrest clearly indicated by the number of court hearings that he had skipped since December last year. Among them is a hearing at the Pune Court on December 15, 2018, and another at the Chandigarh Court on December 18, 2018.
Additionally, according to his advocate Deepak Prakash, Amit is as well suffering from kidney failure that he's even admitted in a jail hospital in Delhi.
The team has therein filed an interim bail relief plea for both brothers, but up to now, there are no developments. Despite other claims such as Amit having Hepatitis C virus, the court has ordered medical reports due to the next hearing on April 3, 2019.
Dived Investors Appeal
It's reported that some of Amit's associates have inquired with petitioners about an out of court settlement. He is willing to get back the principal amount I Bitcoin, but as expected, not all petitioners want to buy that idea.
Perhaps, some of the petitioner's arguments may be valid as they claim the bitcoin to be returned the value currently has changed although some are willing to grasp the offer.
Questionable Charge Sheets
Some petitioners have reported some claims that the charge sheets are questionable as some even stating that the charge sheets filed especially by Chandigarh police have only gone on to weaken their case.
They claim that despite strong evidence, some of the accused are not mentioned in the charge sheets. Due to these questionable circumstances on the charge sheets, it's reported that some three petitioners have ordered the case be handed over to CBI.
Not All of them Are Getting Similar Treatment
Even though Amit has not been granted interim bail, the rest of the co-accused crew is walking a different path. For instance, Rajesh Jain was granted interim bail by a local Chandigarh Court pay his last respect for his deceased father.
On the other hand, three founders of Guru-based Darwin Lab were accused of having received 20% cut in Bhardwaj's venture, but only two were arrested and jailed for the last 11 months, and the other was never arrested and later granted interim relief by a Bombay High Court.
Is there Running Away with It?
Interestingly, in the manner in which the media has made Amit's case a high profile one. In fact, Divyesh Darji who has been accused of another Bitcoin-based scam said to be around $3 billion to $12.7 billion, has failed to get the attention Amit has garnered.
Therefore, with the kind of focus on Amit Bhardwaj' case, getting away with it is almost inevitable.