Amit Bhardwaj, the face behind one of the most expensive Bitcoin Schemes, was granted bail by the Supreme Court of India. In our latest cryptocurrency news, we find out why the court brought this decision.
Bhardwaj is the founder of GainBitcoin and he was jailed after conducting a $300 million Ponzi scheme. According to his lawyer, Amit is suffering from kidney failure for a few months. He spent his days in a jail hospital in Delhi and his health is allegedly worsening. His health didn’t allow him to go to court hearings after 12 criminal cases were filed against him.
The Supreme Court heard Amit’s bail plea a week ago. The court ordered his lawyers to submit all of the medical records for the next hearing that happened yesterday. One of the lawyers, Prakash, provided a copy of the records from the Delhi-based Institute of Medical Sciences. The records show that Bhardwaj is going through a surgery in the next months for a kidney transplant.
The records also show that Bhardwaj’s kidneys initially functioned normally but got worse over time. Bhardwaj’s lawyers stated that he needs time to get his fitness and mental health back. The court eventually granted Amit a temporary break from prison.
However, the bail didn’t come for free. Bhardwaj had to deposit $1.5 million in bonds to get bail. Usually, people pay up to $100 in similar bail bonds for smaller crimes. A million dollar bail bond wanted to make sure that Bhardwaj will stay away from escaping.
Some of the other people involved in the Ponzi scheme also got bail. Bhardwaj’s brother Vivek Bhardwaj but also some friends including Rupesh Singh, Sanchit, Rajesh Jain and Sahil Baghla.
Sanchit was working as a business developer for the company got arrested on May 24. He was released from jail after a Chandigarh court granted him bail. Another developer at the GainBitcoin Company also received bail to allegedly attend the funeral of his father.
Bhardwaj’s scams harmed more than 6,000 investors in India for more than $300 million. He later offered to compensate the victims but they refused to take the money in cash, only in bitcoin.
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