CBI Conducts Major Raids in GainBitcoin Case

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by Giorgi Kostiuk

2 years ago

India's Central Bureau of Investigation (CBI) conducted major raids as part of their crackdown on the notorious GainBitcoin scheme. This operation aims to curb cryptocurrency fraud that has led to billions in losses.

Scale of CBI Raids

The CBI conducted raids at over 60 locations simultaneously across cities such as Delhi, Pune, Chandigarh, Bengaluru, Nanded, and Kolhapur. The focus was on individuals and organizations involved in the extensive Ponzi scheme. Cryptocurrency wallets, laptops, mobile devices, and documents linked to the scam were seized.

History of the GainBitcoin Scheme

The GainBitcoin scheme was launched in 2015 by Amit Bhardwaj and his brother Ajay Bhardwaj. Investors were promised a 10% monthly return on Bitcoin deposits. Initially, payouts were made in Bitcoin, but by 2017, as the scheme unraveled, they shifted to MCAP, a token of little value.

Crackdown on Crypto Fraud

Indian authorities have intensified their crackdown on crypto-related fraud. In January 2025, India's Ministry of Home Affairs announced collaboration with Google and Facebook to combat crypto scams. The partnership aims to identify fake investment opportunities and counteract phishing campaigns.

The CBI's active measures mark a new phase in the fight against crypto scams in India. The collaboration with global tech companies highlights ongoing efforts to tackle this issue.

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