ByBit
0
⭐ Features
148 views

India Biggest Bitcoin Scam Ever?

  • Rajarshi Mitra
    ⭐ Features

    What was looking like a standard crypto Ponzi Scheme is turning out to be quite a big Bollywood scam

India Biggest Bitcoin Scam Ever?
Cover image via u.today

India has been rocked by a Bitcoin scam worth $300 mln, perpetuated by one Amit Bhardwaj. The interesting thing to note is that there was nothing new about Bhardwaj’s scam it is just another Ponzi scheme.

However, what really sets it apart is all the glitter and glam. Some bigtime Indian celebrities were involved and Bhardwaj was definitely not shy with his marketing. So, what exactly was the scam?

Bhardwaj had masterminded some of the biggest Bitcoin Ponzi schemes in India such as GainBitcoin, GBMiners and GB21. The schemes that they ran was something like this:

Anyone who bought a Bitcoin would get 0.1 BTC return every month. Except, they weren’t really paid back in Bitcoin, they were paid in MCAP tokens instead.

As you may have guessed, the tokens were absolutely useless. If you have been around the crypto market, then you must have seen tons of these schemes. There is nothing new going here.

However, like we have already mentioned, what really set this apart is the glitz, glamour, and marketing.

Remember the sheer amount of marketing and hype that was going around Bitconnect? Let’s just say Bhardwaj liked the same form of “subtle” marketing.

The image that you see above is the full front page marketing ad for one of Bhardwaj’s books on cryptocurrency.

Bhardwaj also somehow got a lot of Indian celebrities to advertise his books and websites like famous Bollywood actress, Shilpa Shetty:

However, despite all this, tides were slowly turning against Bhardwaj. Zakhil Suresh, a Finance student, presented a petition to Change.org titled, “Arrest GBMiners Founder AMIT BHARDWAJ and make him compensate those he has SCAMMED!”

card

Tarnished reputation of crypto

The truly sad part is that this incident further tarnished the reputation of cryptocurrencies in India. Back in February 2018, the Finance minister had declared that Bitcoin and cryptocurrencies were not legal tender and the overall general public sentiment was already at an all-time low.

The petition soon got a lot of traction, and it was discovered that a staggering 8,000 people were scammed by Bhardwaj. Eventually, Bhardwaj fled India on an African diplomatic passport and tried to hide in Dubai until late March.

As the Indian authorities closed in on him, Bhardwaj somehow faked a heart attack and escaped to Thailand on March 30th.

However, fate finally caught up to him. The Indian authorities, in conjunction with their Thai counterparts finally apprehended Bhardwaj in Bangkok. The plot further thickened when it was discovered that Bhardwaj also has ties to Pakistan’s intelligence agency ISI.

However, things got stranger, if that’s even possible.

card

Casualties of Bhardwaj

After further investigation, it was discovered that some of these celebrities were not just tweeting about him, but they were involved with his companies as well.

The first casualty of the investigation was Raj Kundra, the husband of the above-mentioned Shilpa Shetty. Kundra was accused of promoting one of Bhardwaj’s platforms and was grilled for hours by the Enforcement Directorate (ED).

Kundra said that he was summoned by the ED as a witness and is not a suspected in the Bitcoin case. "ED called me as a witness. There is an Amit Bhardwaj, who is s involved in some scam. He had purchased poker team from our poker league but did not make payment so we expelled his team. I have given my statement," said Kundra.

More names came out soon after. Former porn star and current Bollywood actress Sunny Leone, actresses Neha Dhupia, Huma Qureshi, Nargis Fakhri among others.

What was looking like a standard Ponzi Scheme is turning out to be quite a big Bollywood scam. We will need to wait and watch to see how things pan out in the future, however, it definitely looks like there is something brewing up in here.  card

Join our Telegram channel to get news even faster!

About the author

Rajarshi is a blockchain researcher and writes for Blockgeeks and Springrole. His goal is to become a leading voice in cryptocurrencies by educating the masses about blockchain technology.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted
0
📰 News
664 views

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester

  • Alex Dovbnya
    📰 News

    Tuur Demeester wants you to buy the dip as Bitcoin touches the support of its parabolic uptrend for the first time since March

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Tuur Demeester of Adamant Capital has just taken to Twitter to calm down Bitcoin enthusiasts who might have been swayed by incredibly bearish sentiment on crypto Twitter. 

👉MUST READ

Bitcoin Price Slashed to $6K. Is This Best Black Friday Sale?

Bitcoin Price Slashed to $6K. Is This Best Black Friday Sale?

Bitcoin recently dropped to $6,800, its lowest level since early May. However, Demeester apparently sees this as yet another opportunity to buy the dip. He states that top coin's parabolic uptrend that started at the beginning of 2015 hasn't been violated. However, Bitcoin has tapped support for the first time since March when Bitcoin was trading well below $4,000. 

Shortly after printing a huge red candle on the logarithmic chart, the Bitcoin price spiked by 20 percent on Apr. 2, which started the coin's massive run to $13,700. 

👉MUST READ

Crypto Analyst Doesn't Expect Bitcoin Price to Repeat Past Halvenings

Crypto Analyst Doesn't Expect Bitcoin Price to Repeat Past Halvenings

As of now, BTC is down by nearly 50 percent from its yearly high, but this might not be the end of the nightmare for Bitcoin bulls. According to trading exert Josh Rager, the crypto king could plunge below the $7,000 level again after a fakeout to the $7,500 range. 

Gold bug Peter Schiff recently predicted that BTC could collapse to $10,000 level after competing the head-and-shoulders pattern.  

At the time of writing, BTC is sitting $7,313, CoinStats data shows. 

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

TOP TRADING BOTSPromoted
Recommended articles
CLOUD MININGPromoted