CBI Cracks Down on Gainbitcoin Scam in India, Seizing $2.75M in Cryptocurrency

In one of the biggest crackdowns on crypto fraud in India, the Central Bureau of Investigation (CBI) has raided 60 locations linked to the infamous GainBitcoin scam. The scheme, allegedly run by Amit Bhardwaj (deceased) and Ajay Bhardwaj, promised massive returns but left thousands of investors stranded. Now, authorities have seized cryptocurrencies worth $2.75 million in a bid to recover stolen assets.

Let’s dive into the details.

Nationwide Raids Uncover Key Evidence

Following a Supreme Court directive, the CBI took over the investigation into the multi-state scam. Reports confirm that raids were conducted in major cities, including Delhi, Pune, Nanded, Kolhapur, Mumbai, Bengaluru, Chandigarh, Mohali, Jhansi, and Hubli.

Authorities seized important evidence during these searches, including:

• 121 documents
• 34 laptops and hard drives
• 12 mobile phones
• Large volumes of email and instant messaging data

A CBI press release confirmed that these materials are now under examination.

One of the biggest discoveries from the raids was the seizure of cryptocurrencies worth around $2.75 million. This is a major step in recovering funds linked to the scam.

How the GainBitcoin Ponzi Scheme Operated

GainBitcoin, launched in 2015, promised investors unrealistic returns. Amit and Ajay Bhardwaj allegedly ran the scheme, offering a 10% monthly return on Bitcoin investments for 18 months—an offer that attracted thousands.

Initially, payouts were made as promised, helping the scheme gain credibility and attract more investors. Its multi-level marketing model fueled rapid expansion. However, trouble started when withdrawals were suddenly switched to an in-house cryptocurrency called MCAP, leading to investor losses and growing suspicions.

Legal Action and Supreme Court Intervention

By 2018, authorities took action. Amit Bhardwaj and his associates, including Ajay Bhardwaj, Nikunj Jain, and Sahil Baghla, were booked and presented before a special court.

As complaints mounted, multiple First Information Reports (FIRs) were filed in different states. Recognizing the scale of the fraud, the Supreme Court ordered the CBI to conduct a detailed investigation, leading to the recent nationwide raids.

With key evidence now in its hands, the CBI is expected to intensify its probe into one of India’s biggest crypto scams.