The CBI has carried out a major action related to Crypto RIP -off on the previous day. Where the Central Bureau of Investigation (CBI) has conducted raids in various cities across the country. The raid is part of the investigation being conducted against the GainbitCoin RIP -off, which has a fraud of ₹ 6606 crore. The CBI took action in several other cities including Mumbai, Pune, Nanded and Kolhapur on Wednesday and seized cryptocurrency, documents and electronic tools worth about ₹ 23.94 crore during this period.
GainbitCoin RIP -off was a bitcoin based multi-level marketing scheme. Against which both CBI and Enforcement Directorate (ED) are investigating. The scam started in 2015 and was reportedly cheated by hundreds of investors in it. Today when Bitcoin Value It has doubled compared to 2015, then it has taken the form of a large cryptocurrency scam. Let’s look at the fresh updates of this scam and CBI investigation.
CBI raids and seized cryptocurrency
The CBI raids were conducted on a large scale, in which action was taken not only in four cities of Maharashtra, but also in cities like Delhi, Chandigarh, Bangalore, Mohali, Jhansi and Hubli. According to CBI officials, the cryptocurrency, documents and other electronic tools that have been seized in this raid may be potentially important evidence associated with this scam. Officials say that these materials can provide information related to the embezzlement and international transactions of the fund.
The raid is part of a comprehensive investigation being conducted by CBI under allegations related to money laundering and fraud. The CBI seized these crypto assets and started investigating them, which is expected to expose the entire network of fraud.
Gainbitcoin rip -off and due to this
Gainbitcoin was a multi-level marketing (MLM) scheme, launched in 2015 by Amit Bhardwaj (now dead) and his brother Ajay Bhardwaj. This scheme used to lure to invest in Bitcoin and promised to give 10% returns to investors every month. The model of the scheme was similar to the pyramid scheme, in which old investors were paid with money from new investors.
However, by 2017, the number of investors declined, and then the scheme changed its payment from bitcoin to an in-house cryptocurrency called MCAP. The price of MCAP was much lower than bitcoin and this caused further damage to investors. Finally, the scheme completely collapsed and thousands of investors lost their money.
Investigation by the Enforcement Directorate (ED) has revealed that through this scam, more than ₹ 6,606 crore price Bitcoin Was gathered. The ED alleges that the accused had hidden these bitcoins in the secret online wallets and through it transferred the crime earnings abroad.
Conclusion
The investigation of CBI and ED is increasing rapidly, and it has now become an internationally spread case. Thousands of investors have suffered major damage due to the reality of GainbitCoin RIP -off and this is a warning on cryptocurrency-based fraud. The raids conducted by CBI and seized crypto assets can prove to be important in connecting the wires of this scam. The process of justice is still going on with the complete truth of the matter and the identity of criminals and more revelations may be made in the coming time.
