Indian Crypto Scamsters Bhardwaj Brothers Have Dealt With Their Fate

Looting someone’s money is always a big crime, that too scamming with digital currency will make you international fame in a negative way. The possibilities of escaping with a significant amount is entirely a difficult task unless you are Vijay Mallya or Nirav Modi.

Indian Bitcoin (BTC) entrepreneurs and notoriously alleged scammers Amit Bhardwaj and his brother, Vivek Bharadwaj, were arrested on April 4,  accused of scamming about 8,000 investors out of ₹2,000 crores.

Source: Twitter

The Bhardwaj brothers launched and ran many crypto-based ventures, including India’s first Bitcoin mining program GBMiners.

The initiative to arrest was carried out the Reserve Bank of India (RBI), the Enforcement Directorate(ED) and the Cyber Crime Cell following an official complaint filed by a businessman Parvendra Singh.

In 2013, the Bhardwaj brothers founded GainBitcoin, an investment scheme with a cloud-based platform for trading and mining Bitcoin. The platform supposedly turned out to be a Ponzi scheme that promised 10 percent monthly returns within 18 months.

Gain Bitcoin
Source: Bitcoin Forum

MCAP, the token issued by GainBitcoin in an Initial Coin Offering (ICO), is considered to be a fraud, as the company has artificially manipulated the price of the token many times higher than its actual market price.

Bhardwaj’s Ponzi-like schemes have created an uproar on social media over the years.

Here are some reactions from his Twitter followers

Here is a video of Amit being arrested

The investors of GainBitcoin Ponzi scheme is now being forced to take his funds in MCAP tokens instead of Bitcoin, as outlined in the company’s contract.

Here is what a victim told from his experience

If I had just invested in Bitcoins and not GainBitcoin, today I would have made several times the money. MCAP was forced onto us and was not the payout was supposed to be in Bitcoins according to the original contract

At least from now, people will have to think twice before investing on Ponzi-like ICOs. Sadly Bhardwaj will have to spend most of his life in prison. Absconding with a hella lotta money will definitely make you pay the price.

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