Following the nationwide searches conducted on 25th and 26th February 2025 in connection with the GainBitcoin cases, Central Bureau of Investigation (CBI), using inhouse capabilities, has seized significant incriminating evidences and Virtual Digital Assets, further unraveling the extent of the cryptocurrency fraud.
Background:
Yesterday, the CBI conducted raids at over 60 locations across major cities, including Delhi, Pune, Nanded, Kolhapur, Mumbai, Bengaluru, Chandigarh, Mohali, Jhansi, and Hubli, as part of its investigation into the GainBitcoin scam.
The fraudulent scheme, launched in 2015 by Amit Bhardwaj (deceased) along with Ajay Bhardwaj and others had 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; however, as the scheme collapsed in 2017, payouts were switched to an in-house cryptocurrency, MCAP, which had significantly lower value, further defrauding investors.
Seizures Made During Searches: During these searches, CBI among other has seized:
• Cryptocurrencies worth INR 23.94 Crores
• Multiple hardware crypto wallets
• 121 documents
• 34 laptops/hard disks
• 12 mobile phones
• Multiple email and instant messaging app dumps
The seized documents and electronic devices are currently under analysis to uncover further details regarding the misappropriation of funds and potential international transactions linked to the scam.
The CBI remains committed to conducting a comprehensive and impartial investigation into the GainBitcoin scam and bringing the perpetrators to justice.
Investigation is continuing.
