Indian authorities raided over 60 locations within the country to investigate the GainBitcoin crypto scam, involving an amount of approximately 75.8 million US dollars
According to Bitcoin News, the Central Bureau of Investigation in India is conducting a large-scale investigation into the GainBitcoin cryptocurrency scam, raiding over 60 locations within India. The case involves an estimated amount of $75.8 million.
GainBitcoin was a Ponzi scheme initiated by Amit Bhardwaj (deceased) and his brother Ajay Bhardwaj in 2015. They promised investors a monthly return of 10% on their bitcoin through "cloud mining" contracts for a period of 18 months. After it began to collapse in 2017, they switched the payment method from bitcoin to their less valuable internal token MCAP.
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