Indian police seizes 451 Bitcoins from GainBitcoin scam suspect

The infamous GainBitcoin scam continues to unravel itself in ways which just showcases the magnitude of the scam. After the arrest of GainBitcoin mastermind Amit Bhardwaj and his accomplices earlier this year, police from Pune city have recovered 451.999 Bitcoins from another suspect in the city. The Bitcoins, which were seized by the cybercrime branch, are worth INR 64 lakhs in current value.

According to reports, the 2,000 crore GainBitcoin scam duped 8,000 people in the city of Pune alone. Apart from GainBitcoin which was a multi-level ponzi scheme, Bhardwaj had also floated other scams such as GBMiners, MCAP Coin and, among others. Earlier this year, the Enforcement Directorate had also attached assets worth INR 42.88 crore linked to Bhardwaj.

The GainBitcoin scam serves as a warning to people who are looking for shortcuts to riches. Scammers like Bhardwaj prey on greed, and many investors fall prey to the alluring schemes promoted by such people because of greed. Remember – If it is too good to be true, it probably is!