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India’s Biggest Crypto Scam Could Be Larger Than Earlier Estimated (Report) 

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India’s largest scam to date continues to reveal new details, expanding the scope and scope of the scam even four years after the case first became known.

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Police previously estimated that around 80,000 BTC were involved in the GainBitcoin scam, but they now suspect the number is between 385,000 and 600,000, media reports said. Even at the current exchange rate, 600,000 BTC is worth over $12 billion, which is close to one trillion Indian rupees.

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Reports also suggest that the number of people scammed could be as high as 100,000. Complaints to the police (First Information Report – FIR) filed by investors who lost their money in the MLM scheme have increased to 40. So far, the police have found 60,000 user IDs and email addresses.

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The mastermind behind the GainBitcoin scam, Amit Bhardwaj, died of cardiac arrest in January of this year.

Imperfect business model

This multi-level marketing scheme offered 10% monthly bitcoin returns from investments in BTC for 18 months. Investors from India and other countries invested their BTC in the hope of higher returns. But given the limited supply of BTC, it was a flawed business model from the start, finally failing in 2018, leaving a long trail of defrauded investors.


During a drawn-out investigation and litigation, the Supreme Court of India once asked the public prosecutor to explain whether bitcoin was legal in India, a question that the authorities have so far avoided answering directly.

Wallet tracking

The Enforcement Authority of India (ED) is investigating the case and has prosecuted several family members of Amit Bhardwaj, including his father and brother, for their alleged involvement in the fraud. In March, he asked the Supreme Court of India to instruct one of the main defendants and brother of Amit Bhardwaj to grant access to his cryptocurrency wallets by providing usernames and passwords.

However, the defendant said that through his lawyer he had already given all the details to the police.

But investigators believe that the Bhardwaj family, including Ajay, used multiple wallets to collect deposits in BTC, and many of them have yet to be traced. Earlier this month, ED carried out raids on six locations in Delhi, including some associated with lawyers from a law firm in Delhi.

According to media reports, ED confiscated several electronic devices and important documents, suggesting that the number of people scammed by GainBitcoin could exceed 100,000.

Investigators arrested

Previously, Crypto Potato it was reported that the police arrested two private detectives for stealing more than 1100 BTC from one of the wallets during the investigation of this case. They were brought on board to assist the police in their investigation, as the authorities did not have the necessary experience.

One of the investigators was a former police officer from the prestigious Indian Police Service (IPS), who resigned of his own accord and founded a private investigative firm specializing in cryptocurrency scams.

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