CBI Conducts Searches At 60 Locations In Rs 6,600 Crore GainBitcoin Cryptocurrency Scam

The searches targeted premises linked to accused individuals, their associates and entities suspected of laundering money. “During searches, a few crypto wallets, incriminating digital evidence, and digital devices were seized,” said a CBI official, who requested anonymity as they aren’t authorised to speak to the media. Apart from three cities in Maharashtra, the agency conducted coordinated searches in the National Capital Region, Chandigarh, and Bengaluru, among other cities.

In December 2023, the Supreme Court had directed the CBI to take over the cases registered in connection with the alleged fraud. Multiple cases had been registered across the country, including in Maharashtra, Jammu and Kashmir, Punjab, Chandigarh, Delhi, West Bengal, Madhya Pradesh and Karnataka, alleging large-scale fraud and money laundering.

According to the police, GainBitcoin was a multi-level marketing scheme launched in 2015 by entrepreneurs Amit Bhardwaj (deceased) and Ajay Bhardwaj, and their network of agents. The scheme operated through several websites managed by a company named Variable Tech Pte Ltd, according to CBI officials.