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April 06, 2018, 04:00:36 PM |
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Indian Bitcoin Trader Arrested for Defrauding Investors of Over $308 Mln in Crypto Ponzi Scheme
An early bitcoin adopter and investor in India has been arrested for defrauding about Rs 2,000 crore (approx. $308 million) from over 8,000 investors across the country.
Amit Bhardwaj who run a couple of bitcoin mining operations such as Gain Bitcoin and GB Miners was arrested by authorities at Delhi Airport on Thursday for duping more than 8,000 people to the tune of Rs 2,000 crore from across the country , according to Indian Express.
Amit Bhardwaj had incorporated a multi-level marketing scam by attracting investors to offer him bitcoins for higher returns. Amit Bhardwaj submitted an 18-month contract that offers a 10% refund, also promising to provide bitcoin mining equipment to investors, as a result of which they can extract their own bitcoins, the report stated.
However, Amit Bhardwaj didn’t fulfil his promise but fled the country with the funds. The Pune police had located him at Bangkok and also arrested seven persons associated with him, including his brother,Vivek Bharadwaj.
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