Amit Bharadwaja and his brother Wijekumar, the founders and leaders of GainBitcoin, established in 2013, cloud-based platform for mining and trading bitcoins, appeared before the court. They are accused of large scale fraud.
The organizers assured users that GainBitcoin provides reliable trading environment for the more than one million of its customers. However, according to International Business Times, the site was a Ponzi scheme where investors were promised a 10 percent monthly profit for 18 months.
Swindlers charged with fraud 8000 investors across the country, in the amount of $300 million.
According to the police Commissioner of Pune Rashmi Shukla, the defendants were arrested immediately after the arrival from Bangkok to Delhi. She also added that in case are still a few people who are currently on the run. Finding them engaged in the three units of the police.
In addition GainBitcoin, Bharadwaja opened its first online retail store in India — Highkart, which allowed him to pay in bitcoins. However, the project ceased operations in 2016. This year he created Amaze Mining & Blockchain Research, CoinBank Wallet and GBMiners — all of these are somehow connected with bitcoin and bloccano.
In addition, Amit Bharadwaja has written several books about the blockchain and cryptocurrencies, including the “Cryptocurrency For Beginners”, “Cryptocurrency Trading” and “Cryptocurrency Mining”. Looks like Bharadwaja, he could not stop and always want more. Unfortunately, to achieve their goals, the brothers decided to go fraudulently to usurp the means of thousands of people.