New Delhi: Following nationwide searches conducted on February 25 and 26 in connection with the GainBitcoin cases, the Central Bureau of Investigation (CBI) has seized cryptocurrencies worth Rs 23.94 crore.
Using inhouse capabilities, the central agency also acquired significant incriminating evidences and virtual digital assets, further unravelling the extent of the cryptocurrency fraud.
The CBI conducted raids at over 60 locations across cities like Delhi, Pune, Nanded, Kolhapur, Mumbai, Bengaluru, Chandigarh, Mohali, Jhansi and Hubli.
The fraudulent scheme, launched in 2015 by the late Amit Bhardwaj, Ajay Bhardwaj and others, promised investors 10% monthly returns on Bitcoin investments for 18 months. The scheme followed a multi-level marketing (MLM) structure, enticing investors through lucrative commissions for referrals.
Initial payouts were made in Bitcoin. Once the scheme collapsed in 2017, payouts were made in an inhouse cryptocurrency, MCAP, which had significantly lower value.
Following seizures were made during two-day searches:
* Cryptocurrencies worth Rs 23.94 crore
* Multiple hardware crypto wallets
* 121 documents
* 34 laptops/hard disks
* 12 mobile phones
* Multiple email and instant messaging app dumps.
