CBI performs searches in 60 locations in India, related to Gainbitcoin Crypto Scam

The Central Investigation Bureau (CBI) carries out extensive searches in over 60 locations in India, as part of its investigation on the Cryptocurrency Gainbitcoin scam, shows in an official press statement.

The statement said that the coordinated search operations are ongoing in Delhi NCR, Pos, Chandigrah, Nanded, Kolhapur and Bengaluru, among other cities. The challenged premises are related to key charges, their associations and entities suspected of washing the earnings obtained from the scam. CBI has recovered some crypto -cypto wallets, incriminating digital evidence and digital devices, as well as evidence from E -mail/clouds,

Gainbitcoin was a ponzi scheme launched in 2015 by Amit Bhardwaj (now deceased), Ajay Bhardwaj and a network of agents. The scheme worked through several websites under the facade of a company called VaroBetech PTE. Ltd.

The scheme attracted investors promising lucrative monthly profits of 10% in Bitcoin for 18 months. The scheme encouraged investors to buy bitcoin from different shifts and invest them in Gainbitcoin through mining contracts in the cloud. The model has followed a multi -level marketing structure (MLM), commonly associated with pyramid structured ponz schemes, where payments are dependent on bringing new investors.

Initially, investors received payments in Bitcoin. However, the scheme began to collapse, with fresh investments drying until 2017. To cover these losses, Gainbitcoin unilaterally changed payments to an internal cryptocurrency called MCAP, which has significantly lower than Bitcoin, misleading misleading, shown in statements.

Several threads were registered throughout India, supporting large-scale fraud and money laundering were recorded in Jammu & Kashmir, Punjab, Chandigrah, Delhi, West Bengal, Madhya Pradesh, Karnataka and Maharashtra. Finally, the Supreme Court transferred to the CBI for a unified investigation.