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The Indian police violated a cryptic Ponzi scheme in the city of Pune that has defrauded over 8,000 investors, seizing nearly $ 2 million bitcoins in the process.
According to a "Times of India" news service, police have been on the trail of scammers since January and have now arrested the scam leader, Amit Bhardwaj, and ten accomplices for their fraudulent activities. Bhardwaj and his brother, who was also involved in the case, were taken from Dubai to Delhi, where they will now be tried.
Capture the fraudsters of Crypto Ponzi Scheme
Bhardwaj owned a company called GainBitcoin that promised returns of 10% to investors in order to attract them to Ponzi's cryptic scheme. Bhardwaj and his accomplices have used the money to live the luxury life and their illegal gains during the holidays to attract even more victims.
Although most of the Indian crypto scams took place in Pune, the scammers have also hosted high-end luxury parties in Macau and Dubai to entice potential investors. They used these parts to defraud investors.
The Indian police have received numerous complaints from cheated investors in the last six months, which have strengthened the evidence they had already collected regarding the band since last January.
Bitcoin cache seized during puncture
When the police arrested Bhardwaj for perpetrating Ponzi's cryptic scheme, they ordered him to return the principal amount invested in the scam, but the ringleader denied all charges made on his way.
Once the police started to perform digital forensic analyzes on Bhardwaj and its cryptic accounts, they found a treasure trove of cryptocurrencies.
As part of the booty, Indian police confiscated nearly 452 bitcoins from a cryptocurrency portfolio used by members of the scam band. Back in November, the Indian authorities seized 32 bitcoins, 390,000 rupees in cash and 79.99 ethers (ETHs) as part of the ongoing investigation into the case.
It is believed that scammers still have 160 bitcoins hidden somewhere, along with 80,000 ETHs. The investigations are still ongoing and the police are still discovering the scope of this daring crypto crime.
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