Business

Neil Mathew

Mastermind behind $300M crypto Ponzi scam in India posts bail

There are many individuals that have used the cryptocurrency sector to trick money out of well-meaning investors all around the world. India is no exception, and there are various cryptocurrency scams that have been perpetuated throughout the country. One of the reasons that this is the case is because the country has not laid forth clear regulations for cryptocurrency markets. It appears as though one of India’s biggest crypto criminals is actually bailing out of prison.

The individual in question is named Amit Bhardwaj, who made headlines as being responsible for a $300 million crypto Ponzi case. Bhardwaj is known as the founder and CEO of GainBitcoin.com. According to law enforcement agents, Bhardwaj lured investors in with lavish parties, and attracted over 100,000 investors through a multi-level marketing scheme that promised investors unrealistic returns. He would often promise of a 10x return on various investments.

However, it’s reported that Bhardwaj’s health is failing. He was supposedly admitted to Apollo Hospital for dialysis treatment recently. His bail has been granted on medical grounds, according to local media outlets.

India has unfortunately been a country that has suffered from many various cryptocurrency scams. Some believe that the lack of regulation and the promise of high returns has led to investors being duped. In late February, another Indian scam initial coin offering (ICO) was busted after being advertised on the well-known cryptocurrency website Coinmarketcap.com.

The Supreme Court heard the plea on March 27 and his medical reports were submitted shortly after, where it was revealed that Bhardwaj had underwent a kidney transplant surgery. Interestingly enough, the medical report indicates that his kidneys are actually working normally. Bhardwaj had to deposit INR10 crore (the equivalent of over $1.4 million) into the court registry in order to be granted bail. His lawyers argued that he should be allowed to return to a certain state of physical and mental fitness.

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