The headpin behind India’s biggest cryptocurrency scam, Amit Bhardwaj, has reportedly claimed that he is willing to make up for all the losses incurred during the scheme (approx. $150 million) by thousands of victims.
In fact, the Bitcoin Ponzi, commonly known as GainBitcoin first penetrated the crypto-market as a multi-level marketing (MLM) scheme earlier in 2015 and reaped shortly after, over 100,000 investors whom, Bhardwaj promised monthly returns of 10% on their investment.
Being currently under custody, the founder of both an investment scheme (GainBitcoin) and a bitcoin mining pool (GBminers), has offered to repay investors their initial investments in Indian rupees as a way to “make things right”, however, the scam-victims were not very happy with this gesture and called it absurd. They demand their dues in today’s market value of their original bitcoins: “Today, the Bitcoin price is much higher than what it was when we invested, It is like Bhardwaj will keep the profits and just return the principal amount which is wrong.” quoted an anonymous victim.
And because “opportunity makes a thief”, Bhardwaj was convicted for much more than the 150$. According to an ongoing investigation, Bhardwaj was smart enough to move his base of operations to Dubai while pursuing operations in India_operations that include the swiping scam_ He then started to widen his fortune by purchasing multiple properties in Dubai including an office space at the Burj Khalifa tower along with a number of companies in countries including Hong Kong, the British Virgin Islands, Estonia, Dubai and the United States registered by his name.
As limitless as it could be, Bhardwaj’s fortune also included two bitcoin wallets previously containing a total of 5,372 bitcoins ($40 million in current prices). At the time they were discovered by authorities, the wallets contained a total balance of 3.31 bitcoins.
Authorities have also suggested that Zebpay, major cryptocurrency exchange, had something to do with the scam as the report clearly depicts that “a large volume of transactions between the victims and Bhardwaj took place via its platform” and thus had them called for an inquiry.
Police have also raided and shut off an Ethereum mining installation associated to the MLM scheme, holding 100 Ethereum mining rigs as well as 500 GPUs and servers.
But eventually, none of this matters to the thousands of investors coming from Pune, Mumbai, Kolkata, Delhi and other cities, who want nothing but justice back to their hands, or rather their money back to their hands.