CBI Raids 59 Cities Including Pune To Probe GainBitcoin Cryptocurrency Scam
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Pune, February 25, 2025 – The Central Bureau of Investigation (CBI) has launched extensive search operations across more than 60 locations in India as part of its probe into the GainBitcoin cryptocurrency scam. The raids are being conducted in major cities, including Delhi NCR, Pune, Chandigarh, Nanded, Kolhapur, and Bengaluru, targeting premises linked to key accused individuals, associates, and entities suspected of laundering illicit funds.
Background of the GainBitcoin Scam
GainBitcoin was an alleged Ponzi scheme launched in 2015 by Amit Bhardwaj (deceased), along with Ajay Bhardwaj and a network of agents. The scheme operated through multiple websites under the facade of a company named Variabletech Pte. Ltd. Investors were promised lucrative returns of 10% monthly in Bitcoin for 18 months. However, the scheme followed a multi-level marketing (MLM) structure, typical of pyramid schemes, requiring continuous recruitment of new investors.
Initially, payouts were made in Bitcoin, but as investments dwindled by 2017, the scheme began to collapse. To cover losses, GainBitcoin allegedly switched payouts to its in-house cryptocurrency, MCAP, which had significantly less value than Bitcoin, misleading investors further.
CBI Investigation and Raids
Multiple FIRs were filed across India, alleging large-scale fraud and money laundering, prompting the Supreme Court to transfer the cases to the CBI. The agency has since launched an extensive investigation to uncover the full extent of the fraud, identify the accused, and trace misappropriated funds, including international transactions.
During the ongoing raids, authorities have seized several crypto wallets, incriminating digital evidence, and electronic devices. Email and cloud-based evidence are also under scrutiny. The CBI has reaffirmed its commitment to a thorough and impartial probe to bring those responsible for the massive cryptocurrency fraud to justice.
The investigation is ongoing.
