PUNE: Scamster Amit Bhardwaj, who allegedly duped over 8000 Indian citizens by hatching bitcoin-based Ponzi schemes, has been arrested by Pune city police. He was caught in Bangkok, Thailand, by central agencies and brought to India.
Bhardwaj is facing scam charges worth Rs 2,000 crore attached to his company GainBitcoin.
Pune police commissioner Rashmi Shukla confirmed his arrest. On Wednesday, eight persons of same group had been arrested by special investigation team (SIT) of Pune police who are investigating 27 cases.
Bhardwaj is an alumnus of MGM’s College of Engineering at Nanded and in past worked with IT major Infosys. He also floated India’s first online retailer – Highkart that allowed Bitcoin-based payments. However, the company has shut down operations in 2016. Bhardwaj owns and runs a slew of companies including GainBitcoin and GBMiners. Both companies are related to cryptocurrency-based operations and happen to be subsidiaries of Amaze Mining & Research Ltd, a Hong-Kong based entity.
According to Pune police DCP (cyber cell) Sudhir Hiremath, irresistible offer from these companies lured people into multi-level marketing (MLM) schemes. MLM scheme primarily asks enrolled members to get on board a fixed number of people to invest, which gives them a cut or commission.
Besides the above two companies, Bhardwaj also founded a cryptocurrency-based product – MCAP in April last year.