Akin to what he did in Pune, Bhardwaj has been charged with duping three residents of Chandigarh after promising them handsome returns on investing in Bitcoin. “A case has been registered against him. In all six people have been booked,” Cybercrime cell in-charge inspector Jaswinder Singh said on Wednesday.
Bhardwaj was arrested along with his brother Vivek from Delhi airport by Pune police. They were first arrested in a case filed with Dattawadi police station and later transferred to Nigdi police’s custody where a similar case had been filed. Total of 10 people have been so far in the cryptocurrency scam in Pune. Bhardwaj along with his father Mahendra Kumar and brothers Vivek and Ajay allegedly masterminded the Ponzi scam wherein they offered 1.8 times returns in 18 months for every Bitcoin invested with them.
They roped in several agents who in turn promoted the scheme through Multi Level Marketing (MLM). Initially they paid returns on the Bitcoins but eventually started defaulting. They invented their own cryptocurrency MCAP to repay the investors. Their currency was priced well initially and later crasjed, leaving a lot of investors high and dry. So far Pune police has found that they have duped at least 84,000 investors. From the ill-gotten wealth, the Bhardwaj family, according to Pune police has acquired several properties abroad and have even started ventures across British Virgin Islands, Hong Kong, Singapore, Estonia, Dubai and USA.