Police In India Arrests Ponzi Scheme Operators Who Took More Than $150 Million

The Indian police recently arrested two more people involved in the major GainBitcoin Ponzi case, according to the outlet Times of India.

After a series of arrests made in Delhi where the police raided a 4,000 square-foot mining facility, it seems like more people will be taken behind bars after luring people into the GainBitcoin Ponzi scheme.

According to the news outlet, an unnamed police officer said that the two suspects were involved in marketing the scam to many potential investors across the country.
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As the officer stated:

“The duo were involved in marketing the scheme. They had lured hundreds of people and then disappear. We are investigating the case and are also finding out the number of people that have been duped.”

The accused individuals are linked to Amit Bhardwaj who is the kingpin of the infamous cryptocurrency Ponzi scheme GainBitcoin – and one of the Ponzi schemes that are estimated at $300 million.

What started as a multi-level-marketing scheme in 2015 grew to 100,00 investors quickly, all of whom were promised a monthly return of 10% on their investment. The scam was first spotted after two First Information Reports (FIRs) were filed against it – when authorities immediately figured out that this was a Ponzi scheme.

The first steps towards shutting down GainBitcoin were made in the Indian city of Pune, where officials discovered the wallets controlled by Bhardwaj himself – holding a total balance of 3.31 Bitcoin which was a significant reduction from the previous balance of 5,372 BTC.