CBI raids at over 60 locations across the country in cryptocurrency scam

The Central Bureau of Investigation (CBI) has conducted extensive searches at over 60 locations across the country in connection with the GainBitcoin cryptocurrency scam. The coordinated search operations are being carried out in major cities, including Delhi NCR, Pune, Chandigarh, Nanded, Kolhapur, and Bengaluru, targeting premises linked to key accused. GainBitcoin was an alleged Ponzi scheme launched in 2015 by Amit Bhardwaj, along with Ajay Bhardwaj and their network of



agents. 

The scheme operated through multiple websites such as www.gainbitcoin.com. The fraudulent scheme lured investors by promising lucrative returns of 10 percent monthly in Bitcoin for 18 months. Investors were encouraged to purchase bitcoin from exchanges and invest them with GainBitcoin through cloud mining contracts. Multiple FIRs were registered across the country, alleging large-scale fraud and money laundering.