Indian police within the town of Pune have charged Amit Bhardwaj together with other three people – Vivek Bharadwaj, Pankaj Adlakha and Hemant Bhope, that were expected to be involved a MLM [Multi-Level Marketing] crypto scam scheme.
It is alleged that Amit Bhardwaj who is the central character of the trial collected around about $1.42 Mln [10 Crore] from unsuspecting investors, beneath the guise of high-yield crypto investments.
The Complete Scam Story
Amit Bhardwaj started his crypto journey from 2016, in line with his LinkedIn profile. He describes himself as an investor, dreamer, entrepreneur and pioneer of Bitcoin on LinkedIn profile. He boasts of being the founding father of four crypto-based businesses – Amaze Miners, GB Miners, CoinBank, and Amaze Mining & Blockchain Research Ltd.
Although being the founding father of many businesses isn’t a nasty factor, Amit Bhardwaj roped himself in by the guarantees he created to investors. Quoting his description of Amaze Miners on LinkedIn as an example, he declared that:
“World’s Most Intelligent Alt-coin Mining Technology. We’ve produced upto 200 percent yearly returns on the investment in Alt-coin Mining.”
They outlined the max returns of 10 percent monthly on Bitcoin investments for a duration of around eighteen months.
As per a report by The Indian Express, Amit Bhardwaj together with his team held elaborate parties and summits in Macau and Dubai. Yachts were reserved for many days, bushed a bid to lure investors. One among the investors was quoted on the news website stating that:
“We were invited to attend the investors’ summit in Dubai and Macau. Tickets together with different documents were sent to us. After we started raising our voice for not obtaining the profit on our investment in Bitcoin throughout the summits, Amit Bhardwaj and his younger brother Aditya Bhardwaj assured us that our investment would be returned. Except forIndia, individuals from China, Vietnam, Dubai, Mauritius along with several other countries conjointly also attended these summits.”
How It All Came Into The Eyes Of The Authorities
The scam scheme came crumbling once investors weren’t obtaining their returns as promised last year. Many investors lodged complaints against Amit Bhardwaj claiming that that they had been scammed. Amit Bhardwaj was afterwards arrested in Bangkok on 31st March, last year.
Earlier, police submitted a chargesheet against Sanchit, a resident of Delhi in India along with Rajesh Kumar alias Raju of Rajasthan, who was aforesaid to be living in Delhi. They were arrested from Delhi. Police aforesaid that they had direct links with the mastermind suspect, Amit Bhardwaj.
Times of India covered a report on the roles played by each of the suspect underlined Amit Bhardwaj as the mastermind of the scam scheme. His brother Vivek functioned as the marketing manager and promoter of Gainbit coin and conjointly doubled as a speaker throughout company-organized events. Pankaj Adlakha and Hemant Bhope handled the roles of promoter and motivational speaker/organizing secretary, considerably.