After a long drawn, overdue chase, infamous Indian cryptocurrency scamster Amit Bharadwaj will finally face justice.
Bharadwaj was the founder of GainBitcoin which duped people out of money to the tune of Rs 2000 crore. He had been on the run for the past few months. Faking a heart attack in the Dubai airport last week, he managed to give the security agencies a slip and escaped to Bangkok, Thailand.
The Indian government had to collaborate with the government of Thailand to bring him back into the country. At the moment, he is enroute to Pune.
According to News18, he allegedly also has links to Pakistan’s ISI and was reportedly in touch with his handlers. However, it remains to be seen if there is any veracity in these reports.
Earlier, Crypto-News had reported on this man’s fraudulent website. He had a team of dedicated scamsters who would take advantage of people who did not know anything about cryptocurrencies and persuade them into signing up for GainBitcoin website.
The website was an elaborate Ponzi scheme that guaranteed 10% monthly returns for 18 months. So, you’d end up having a profit of 80% after 18 months. But if you’d directly invested in Bitcoins back in January, you’d have a profit of over 700%.
Apart from that, the company moved on to more ventures and created MCAP Tokens. MCAP tokens were valued at $5 during the ICO and miners were given an option to accept the payout in the form of MCAP tokens. But a few months back, the users were no longer given a choice. The payouts were only in the form of MCAP tokens.
But the biggest fraud is in the valuation of MCAP. The company values MCAP token many times higher than the market price.