The homes of Bitcoin Gain con artist Ajay Bhardwaj and his accomplice have been seized by authorities in Delhi. According to reports, the lengthy inquiry has now moved to more police divisions in India.
According to Business Today, the Enforcement Directorate of India (ED) searched six locations, including Delhi, as part of a massive probe into the suspected defrauding of more than 80,000 investors.
During the raid, the investigators seized several electronic devices and vital documents.
The raid continued until late Wednesday evening.
Ajay Bhardwaj is Amit Bhardwaj’s younger brother (right).
In 2017, Amit Bhardwaj established Gain Bitcoin. According to reports, he died of a heart attack in January. Additionally, the ED is pursuing investigations into additional suspects in the case.
It is also investigating the participation of Amit Bhardwaj’s other family members, including his wife, in the fraud.
Several family members of Bhardwaj are implicated in the probe.
Gain Bitcoin was a straightforward MLM crypto Ponzi scheme that offered 10% monthly returns. It collapsed at the end of 2017.
Personally, I am somewhat skeptical that significant amounts of wealth would have been retrieved five years after the fact through raids.
In 2018, the ED opened an investigation into Gain Bitcoin. After four years, no one has been prosecuted. None of the confiscated assets have been restored to scam victims.
Earlier this year, two experts assisting the police attempted to steal $2.6 million but were arrested.
It remains to be seen what effect the fresh raids and investigation expansion have on the case.