In line with a recent report ‘published‘ by a native news source ‘Inc42’, the Indian Supreme Court has permissioned temporary bail to Bhardwaj brothers who were among the chief suspects accused of operating a Bitcoin [BTC] related Ponzi scheme.
‘Amit Bhardwaj’ along with his brother ‘Vivek Bharadwaj’, have succeeded in their appeal for a temporary bail, that they’d reportedly requested earlier in Nov. last year, with Amit asked to deposit around ₹10 crores [around $1.5 Mln] for the bail, Inc42 added.
As ‘reported‘ earlier, the Bhardwaj brothers had been in remission since 4th April, last year for allegedly defrauding over 8,000 investors out of ₹2,000 crores [around $300 Mln] via their firm named GB ‘GainBitcoin’, that they co-founded in 2013. Speaking of the Supreme Court’s latest call, Bhardwaj’s lawyer, Deepak Prakash, reportedly added that:
“While Amit Bhardwaj has been granted temporary bail based on his health grounds, the Supreme Court granted bail to his brother, strictly based on the merits of the case.”
A decision on the brothers’ additional request – that the court cancel all existing 12 cases listed against them across multiple states in ‘India‘ – has been postponed until a later Supreme Court hearing, reportedly possibly to be held on 27th April.
Moreover, Inc42 reports that Amit Bhardwaj’s hearing at the Supreme Court has presently been delayed till 22nd April, having earlier been set for 2nd April. A lawyer representing Nisha Raisoni — one among the petitioners against Amit Bhardwaj – reportedly expressed that the matter had not come up for hearing at the originally supposed date.
Inc42 notes that not solely the Bhardwaj brothers, however the other three suspects – Ayush Varshney, Rupesh Singh and Sanchit — have all succeeded in having their interim bail requests approved so far.
However, the other 3 founders whose startup, Darwin Lab, is alleged to have taken a 20% cut from Bhardwaj’s scheme, Inc24 reports that 2 of the 3, Sahil Baghla And Nikunj Jain, are in jail for the past eleven months. The third, Ayush Varshney, was reportedly never in remission and was later granted interim relief by the Bombay high court.
As reported earlier, the Bhardwaj brothers’ scheme was based on a Ponzi scheme that assured 10% monthly returns, a claim not realized by the investors. It additionally issued its own MCAP token in an ICO [Initial Coin Offering] that was also considered fraudulent due to the company’s price manipulation.