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Bitcoin Scams

Police In India Seizes $2 Million Worth Of BTC After Cracking A Ponzi Scheme

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The police in India have managed to bust a Ponzi scheme in the city of Pune which we can read in our latest crypto news. They managed to seize about $2 million worth of Bitcoin after 8.000 investors were scammed.

According to local news outlet The Times of India, the police were tracking the scammers since January and have succeeded into arresting the scam’s leader Amit Bhardwaj and ten other accomplices for their activities.

Bhardwaj and his brother were taken from Dubai to Delhi were a trail for them is set. The scam leader supposedly owned a company GainBitcoin that promised the investors a 10% return so they can lure them into the Ponzi scheme. Bhardwaj used the money to live luxuriously and to throw parties to attract even more victims.

Despite the entire operation happening in Pune, the scammers were also hosts of luxury parties across Dubai and Macau.

The police in India received hundreds of complaints from the investors that got scammed over the past six months which only meant collecting more evidence to the piles collected since January.

When Bhardwaj was arrested for creating the Ponzi scheme, he was ordered to return the money invested in the scam but the criminal denied all allegations. Once he was thoroughly investigated and the police performed digital forensics on him and his gang, they found all of the invested cryptocurrencies.

The police confiscated more than 450 bitcoins from a single cryptocurrency wallet that was used by the scam’s gang members. In November, the authorities also found and seized about 30 bitcoins, 400,000 rupees in cash and 80 ETH as a part of the investigation.

The scammers might have stashed about 150 bitcoins away with about 80.000 ETH.

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