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The Central Bureau of Investigation (CBI) conducted coordinated searches at 60 locations across India on Tuesday, intensifying its probe into the ₹6,600 crore GainBitcoin cryptocurrency scam. The searches targeted key accused individuals and premises in Delhi-NCR, Pune, Chandigarh, Nanded, Kolhapur, and Bengaluru, officials confirmed.
What is the GainBitcoin Scam?
Masterminds: The scam was allegedly run by Amit Bhardwaj (now deceased) and his brother Ajay Bhardwaj under Variabletech Pte. Ltd.
Launch Year: 2015
Platform Used: www.gainbitcoin.com
Ponzi Scheme Model:
Investors were promised 10% monthly returns in Bitcoin for 18 months.
Required to buy Bitcoin from external exchanges and deposit it into GainBitcoin through cloud mining contracts.
Functioned as a Multi-Level Marketing (MLM) scheme, with new investors funding payouts.
How Did the Scam Unfold?
Early Stage (2015-2017): Investors received payouts in Bitcoin, creating the illusion of high returns.
Collapse (2017 Onwards): As new investments declined, the scheme started failing.
Fraud Cover-Up:
GainBitcoin switched investor payouts from Bitcoin to MCAP, its in-house cryptocurrency.
MCAP had significantly less value than Bitcoin, leading to huge investor losses.
Massive Legal Action & Supreme Court Involvement
Multiple FIRs Registered Across India – from Jammu & Kashmir to Maharashtra, Delhi to West Bengal.
Supreme Court Transfers Case to CBI due to the scale and international implications.
CBI Investigation Focus:
Identify all accused individuals.
Trace misappropriated funds (including international transactions).
Recover stolen crypto assets.
CBI's Seizures & Latest Developments
During the raids, CBI recovered:
Multiple cryptocurrency wallets.
Digital evidence linking suspects to fraudulent transactions.
Emails and cloud-based data revealing the scam’s operation.
What’s Next?
CBI is tracing international links and fund movements.
More seizures and arrests expected in the coming days.
Authorities warn investors to be cautious of Ponzi-like crypto schemes.
