Indian Police authorities have nabbed the Bitcoin wallet scam kingpin Amit Bharadwaj from the Indian State of Chandigarh for a multicrore con. A number of cryptocurrency high-profile fraud cases have come in light recently as there is no regulation on the trade sans any defined trade rules. The fate of cryptocurrency trade remains uncertain as the government doesn’t seem to have any inclination towards it rather they are more concerned about the blockchain development.
According to Bitcoinst, it is mentioned that the Chandigarh police has lodged a complaint against Amit Bharadwaj for duping three investors of nearly 15 crores. Bharadwaj along with his younger brother Vivek Bharadwaj, Hemant Bhope and Pankaj Adhlakha have been taken into the custody for four days for interrogation by India’s cyber crime cell.
As revealed by an anonymous investor Bitcoin wallet scam key player Bharadwaj and his associated tricked investors in the scheme by throwing lavish parties across India. They roped in high profile rich investors from India and abroad to put their money into their different long and short-term cryptocurrency schemes.
Many of them were also invited to attend international summits held at Dubai and Macau. All the expenses were taken care of by Amit’s three different companies Gain Bitcoin, GB 21 and GB Minors. After months when the investors started seeking their profits Bharadwaj and his associates assured of the returns but later vanished.
Internal Detail Of Bitcoin Scam
Cybercrime authorities recorded statements of 16 investors who obtained 180 Bitcoins from Bharadwaj at a price of $6724.91. For a single Bitcoin purchased investors paid different prices and it varied across the entire chain. However, it was promised to them that each one of them will get a return of 10 percent of their total investments over a period of next 18 months. In fact, some of them did receive their initial returns but that was merely a false assurance.
This is not just one Bitcoin wallet scam there has been a spree of such cases in the recent months. Investors have been duped worth crores which perhaps is because of less awareness and no regulatory agency in India.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]