(04-04-2019) Indian entrepreneur implicated in $300 million Bitcoin - gets bail

[newinbtc]

Indian entrepreneur implicated in $300 million Bitcoin Ponzi scheme gets bail

Amit Bhardwaj, a man accused of running a $300-million Bitcoin BTC Ponzi scheme, has reportedly been granted bail on medical grounds, citing a deteriorating kidney condition.

The former entrepreneur, who was arrested in Bangkok last year, was reportedly admitted into Apollo Hospital in India, maintaning he needed regular dialysis treatment to treat his condition.

As previously reported by Hard Fork, Bhardwaj set up a series of Bitcoin mining firms, including GB Miners, Gain Bitcoin, and MCAP. As part of the scheme, he promised investors 10x returns for their money. Needless to say, none of his promises delivered and, instead, investors lost their hard-earned cash.

“While Amit Bhardwaj has been granted interim bail based on his health ground, the Supreme Court granted bail to his brother, purely based on the merits of the case,” Bhardwaj’s lawyer, Deepak Prakash told Inc42.

The two brothers have asked the Supreme Court to combine all the 12 cases listed against them across various Indian states. Prakash told Inc42 that the Supreme Court could potentially hear the matter on April 27.

Amit Bhardwaj’s case was supposed to be heard at the Bombay High Court on April 2, but a new date has now been set for April 22.

India has seen its fair share of cryptocurrency scams in the past. In February, police in India‘s financial hub Mumbai booked a local resident for duping $250,000 out of 12 people in an alleged cryptocurrency scam.

Also in February, criminal investigation authorities in Gujarat accused five people of running a fraudulent initial coin offering (ICO) called Bitstrades.

link - https://thenextweb.com/hardfork/2019/04/04/indian-entrepreneur-implicated-in-300-million-bitcoin-ponzi-scheme-gets-bail/

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[bitcoinisbest]

Their would be many member on this forum itself who would have invested in this company and might have made or lost money. Where has the money gone and what could be the reason of failure of such company which had promised so much?

[eaLiTy]

As previously reported by Hard Fork, Bhardwaj set up a series of Bitcoin mining firms, including GB Miners, Gain Bitcoin, and MCAP. As part of the scheme, he promised investors 10x returns for their money. Needless to say, none of his promises delivered and, instead, investors lost their hard-earned cash.

If he could accumulate that much amount of money and he was running a mining farm, i am not sure why he could not earn a profit and how come the investors lost their money, i am not sure how come he convinced people to invest this much amount into his scam.
 

India has seen its fair share of cryptocurrency scams in the past. In February, police in India‘s financial hub Mumbai booked a local resident for duping $250,000 out of 12 people in an alleged cryptocurrency scam.

Also in February, criminal investigation authorities in Gujarat accused five people of running a fraudulent initial coin offering (ICO) called Bitstrades.

Glad these scammers are busted and who knows how much money have being scammed in the past few years, these are the reports that have being caught, i am sure there will be many other cases to see the light.

[kabit9]

https://indianexpress.com/article/cities/chandigarh/trial-yet-to-begin-in-bitcoin-mlm-scam-chandigarh-court-seeks-reasons-for-9-month-delay-in-producing-accused-5862662/

Their trial has still not begun.  Certainly hope they spend a long long time behind bars contemplating their destructive actions.