Amit Bhardwaj, the scandalous mastermind celebrity of the crypto-world was arrested by the Pune Police earlier this month. Upon his incarceration, he revealed the names of his accomplices, Nikunj Jain and Sahil Baghla. Amit reportedly spear-headed the multi-billion scam worth Rs.2,000 crores ($300 million) that involved over 8000 people. This is the largest Bitcoin scam occurred in India till date.
Mr. Baghla and Mr. Nikunj, the Co-Founders of Darwin labs were accused of assisting Bhardawaj to build platforms such as GBminer which played a necessary role in the execution of the scam. Together they created transaction gateways such as BTC mining pool, GB miner, etc. The scam was executed through a multi-layered network that transmits data globally.
The perpetrator, Bhardawaj offered individuals an opportunity to produce their own coins despite the mining hardware. Clients were a part of an investment plan that would gain them high revenues till 18 months but the consequent month GainBitcoin denied the returns. The company apparently invested the money buying new mining rigs.
Bhardwaj’s and his allies oppose the police claiming, “Cryptocurrency is not illegal, and Chit Fund Act does not apply to this digitalized currency” and supported by his lawyer. Police seized 43.2 Bitcoins worth ₹2 crore and 79.9 Ethereum worth ₹33 lakhs. The recovery is barely 10 percent of the lost sum.
Manoj Katla a Crypto-critic exclaims:
“Cyber Criminals are targeting the cryptocurrency market. They find it easy to disrupt the blockchains and exchange platform. Obviously this not a secure trading platform. Its pretty evident that digitalized currency are a big risks. So people engaging in this are aware of the downfalls.”
Dhruv Melhotra, a Twitterati says:
“What’s the point catching these criminals, like the idiom goes ‘Ab pachtaye ho kya jab chidiya chug gayi khet’- translated from Hindi, “When birds have spoiled the field they have eaten the seeds, nothing remains there, Why to feel sad now.’ These stolen money is circulated around and by the time cops catch the culprits there will no evidence left, or any remanence of the cash”
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