Bitcoin Worth 1.8 Million USD Seized in Ponzi Case Handling

The Indian Police Department, which is specifically tasked with dealing with cyber crime , has recently reportedly seized 452 Bitcoin worth $ 1.8 million. The Bitcoin Indonesia confiscation of Bitcoin came from one of the suspects involved in a case of scam under the guise of Ponzi.

Reporting from The Times of India, the police have targeted at least 10 suspects from the case. However, the brain of fraud which is the main suspect in this fraud is Amit Bahrdwaj . He allegedly offered GB21 investment program with a monthly repayment guarantee fixed at 10 percent. Through his company, GainBitcoin , Bahrdwaj’s investment scheme has managed to trap nearly 8,000 investors in the city of Pune, India. Bhardwaj even dared to hold lavish parties and meetings with investors in Dubai and Macau.

On August 29, 2018, Bhardwaj was suspected and complained a lot. He also promised to return the principal amount of debt to investors, while denying allegations related to guaranteeing monthly profits to investors.

Because there was no good faith to begin fulfilling his promises, deceived investors began reporting Bhardwaj regarding alleged ponzi schemes. One complainant was a businessman from Chandigarh, Punjab, who lost around $ 1.4 million. Another reporter is a former Indian Army Officer who lost around $ 200,000. He claimed to have met Amit Bhardwaj through an acquaintance in Dubai in 2016.

Jyoti Priya Singh, deputy commissioner of the cyber crime section , said that he had also seized the Crypto Wallet Sahil Omprakash Bagla, one of the suspects from New Delhi. Assets secured from his wallet are 32 BTC, 80 ETH, and $ 55,600 in cash. However, he is suspected of having at least 160 BTC, 80,000 ETH, and 320,000 MCAP.

Due to Regulatory Unclear

The lack of clarity regarding crypto regulation in India has hampered the growth of digital space in the country. Previously, the Indian Central Bank issued a ban on crypto transactions to all financial institutions operating there. However, the legal basis for using crypto currency as an investment asset has not been regulated.

The government’s weak attitude, coupled with the continuous delay in the fate of the crypto currency, further weakens the scope for the maturity of the crypto ecosystem in India. Inevitably, criminals benefit greatly from the absence of official guidelines and laws regarding the crypto industry . The case of fraud committed by Amit Bahrdwaj above, perhaps only one of the many scams that use Bitcoin to deceive investors in India.

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