Rs 20,000 Crore Bitcoin Scam triggers series of raids


The Law Enforcement Branch, while taking major action on the alleged fraud of about 80,000 investors, raided 6 locations including Delhi in the bitcoin scam case. The raid continued late into Wednesday evening.

During the raid, the investigative agency confiscated electronic devices and many important documents. According to a senior official at ED headquarters, this investigation is linked to a bitcoin scam worth around 20,000 crores, in which Amit Bhardwaj and his brother Ajay Bhardwaj are the main defendants. Although Amit Bhardwaj died of illness this year, the investigation is still ongoing by the Mumbai branch of ED.

According to ED sources, several officers and lawyers associated with a Delhi-based law firm were also searched, although the name of this law firm was not disclosed. But sources reported the seizure of key documents from Ajay Bhardwaj, Sanchit Alag and Sehrawat, brother of Amit Bhardwaj during the raids. Currently, all of these documents are under intense scrutiny.

Violation of Supreme Court guidelines by defendant

The Supreme Court, when hearing this case, instructed the defendant to share the username and password with investigators. But this direction has not yet been implemented. Many key victims, including Vipin Kohli, a well-known businessman living in Delhi, demanded a detailed investigation claiming the scam amounted to more than Rs 20,000 crore.

How Amit Bhardwaj Became King of the Largest Bitcoin Mining in the Country

After becoming a hit overseas, cryptocurrencies have also become very popular in India in recent years. Although cryptocurrencies are of many types, bitcoin is the most popular cryptocurrency, and credit for launching in India goes to Amit Bhardwaj.
Amit Bhardwaj opened the first online retail marketplace in 2014, through which bitcoin was accepted. Amit’s bitcoin mining has also been conducted in countries like China (Gain Bitcoin) and Hong Kong (GB Miners). Therefore, to further increase this business through this technology, a new bitcoin named mcap has been launched, using which thousands of people have been duped.

A case has also been registered by the Economic Offenses Wing (EOW) of the Delhi Police which is being investigated under the leadership of PS Malhotra of the DCP. If the sources in the economic crimes wing are to be believed, then based on the FIR recorded by the Delhi Police, further investigation would be carried out by filing an additional indictment.

First post: STI


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