Police based in India has recently managed to crack down on a Ponzi scheme in the city of Pune.
As reported by the local media The Times of India, Pune police had searched for the main members since earlier this year. The grand schemer behind this Ponzi scheme is Amit Bhardwaj, along with ten other individuals involved in this fraud scheme have been successfully arrested by the Pune police. According to the information disclosed by the police, the arrested criminals have defrauded over more than 8,000 investors and made millions of dollars through the scam.
The report states that Amit Bhardwaj promised interested investors for more than 10% return over the investment made by them. This allowed him to successfully lure in investors into these illegal schemes. The culprit claimed that GainBitcoin, a firm allegedly owned by him, makes investments into GB21 scheme, which has no authentication of being true. Of course, like any other criminal Amit Bhardwaj instead spent the money living the high life.
The report further explains that most of the scammed investors are currently based in the city of Pune. It’s also gone off to say that Bhardwaj, along with this team of schemers, had thrown luxurious parties abroad like investor meet-ups in Macau and Dubai. This helped them further cement themselves as a legitimate business and succeed in defrauding the money of investors.
Digital forensic analysis has shown that the account of one of the suspects had a total of 452 BTCs, which is worth $1.8 million. Earlier in the year, 32 Bitcoins and 80 Ethereum coins, along with 390,000 in Indian rupees, had been seized by the Pune police. Estimations on how much the scammers gained over time have reached up to 160BTCs and 80,000 ETH in their wallets.
Scammers are popping up all over the world in hopes of getting away with as much money as they can from investors and other individuals alike. India isn’t the only place to be undergoing various scams and cyber crime at the current moment, and it’s best to keep an eye out for any strange occurrences in your accounts.