452 BTC Was Recovered by the Indian Police from a Ponzi Scheme Suspect

452 BTC Was Recovered by the Indian Police from a Ponzi Scheme Suspect

Bitcoins Ponzi scheme

452 Bitcoins which is equivalent to $1.8 million has been seized from a suspect involved in a Ponzi scheme by the local authorities in Pune, India.

452 Bitcoins Recovered

According to a recent report, one of the suspects involved in a notorious Ponzi scheme has been relieved of 452 Bitcoins valued at $1.8 million by the officers of cybercrime department of Pune, India.

A fraudulent virtual currency company called GainBitcoin which was run by Amit Bharadwaj who is the ringleader, his brother, Vivek Bharadwaj, and other allies has been under investigation by the Pune Police department. A charge was filed against them after they swindled a business person of $1.4 million. The charge sheet which consisted of 1,800 pages contained complaints from 15 victims and statements from 27 witnesses. It also contained the legal document from the RBI which stated that Bitcoin wasn’t a legal tender.

Also, Amit used the false company to execute a fraudulent cryptocurrency investment scheme called GB21. He enticed investors by promising them a monthly return of over 10 percent. He alongside his other gang mates then organised several workshops and events to mislead the investors.

Several complaints have been filed against Amit over the last 6 months with victims claiming that he swindled them by promising them high returns. Further investigation by the police led to the discovery that about 8,000 investors were relieved of their money by the gang.

However, according to Jyoti Priya Singh, the Deputy Commissioner Cyber Police, the 452 Bitcoins valued at $1.8 million was recovered from the e-wallet of the suspect, after the police team performed a digital forensic analysis on his account.

Money Yet to be Retrieved

It was previously reported by the Pune police department that the suspect was relieved of 80 ETH, 32 BTC, and over $55,500 in cash. The police have also made sure make it known, that the accused still has over 300,000 MCAP, 80,000ETH, and 160 BTC to his name.