According to local media, the authorities of Chandigarh, the capital of Punjab and Haryana States, charged a group of 4 people. Law enforcement officers believe that they have deceived thousands of investors who gave them 100 million rupees ($1,400,000.).
The organizer of the fraud was a certain Amit Bharadwaj. He was assisted by his brother Vivek Bharadwaj, as well as Pankaj Adlakha and Hemant Bhope. Earlier charges were brought against a resident of Delhi Sanchit and a native of Rajasthan Rajesh Kumar, who also lived in Delhi. These two were arrested in the capital. Police believe they’re connected to Amit Bharadwaj.
The case materials comprise 1,800 pages and include 18 complaints and the testimony of 27 witnesses. Attached to the case is the ruling of the Reserve Bank of India that bitcoin is not recognized as a legal tender.
The defendants created the company Gain Bitcoin, which promoted the Gainbit token during conferences and seminars. Vivec and his associates managed to raise funds from 8,000 investors across the state. According to the investigation, the company’s ICO project was fake, the fraudsters appropriated the money.
The next court session in this case will be held on 04.12.2018.
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