In the major setback to the people who are investing their hard-earned money in cryptocurrency exchanges specifically in bitcoin in expectations of multifold return on the sum — a bitcoin fraudster has been arrested in Delhi on Thursday. A man who defrauded a whopping amount of Rs 2,000 crore of as many as 8,000 people has been arrested at Delhi Airport by the Pune Police.
According to an Indian Express report, Amit Bhardwaj touted as a bitcoin entrepreneur duped more than 8,000 people to the tune of Rs 2,000 crore from across the country was arrested at Delhi Airport on Thursday. Amit Bhardwaj introduced India’s first online marketplace accepting bitcoin in 2014, Delhi Police was seen as saying in The Indian Express report. Amit Bhardwaj owns a couple of bitcoin mining operations such as Gain Bitcoin and GB Miners.
Amit Bhardwaj had incorporated a multi-level marketing scam by luring investors to offer him bitcoins in lieu of higher returns. Amit Bhardwaj introduced a contract valid for 18 months which offering a return of 10%. Amit Bhardwaj also promised to facilitate the bitcoin mining hardware to the investors following which the investors can mine their own bitcoins, The Indian Express said in a report.
However, Amit Bhardwaj didn’t give returns and fled the country. The Pune police had located Amit Bhardwaj at Bangkok and also arrested seven persons associated with him.
Bitcoin, the most popular virtual currency in among the world of cryptocurrencies available so far, gained indefinite attraction grabbing the eyeballs of who’s of who were concerned in making quick gains over their money in the year 2017. Following a huge rise in the people talking about cryptocurrencies, the maiden virtual currency bitcoin surged more than 2500% to a level of nearing $20,000 per bitcoin. But, since the beginning of 2018, bitcoin had lost nearly half of its value dropping by 50% to $6,800 from a level of 13,500.