CBI Begins Investigation into Rs 6,600 Crore Maharashtra Bitcoin ‘Scam’

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The Central Bureau of Investigation (CBI) on Wednesday (Nov 20) registered an FIR in the alleged Maharashtra Bitcoin scam, news agency ANI reported citing sources.

Amit Bhardwaj, Ajay Bhardwaj and four others were booked by the central agency for allegedly amassing 80,000 Bitcoins and diverting the money worth Rs 6,606 crore through nine foreign companies to buy properties abroad.

While Amit previously died of a heart attack, Ajay is a fugitive who is on the lookout by multiple agencies.

The CBI has also summoned Gaurav Mehta for questioning in the case.

The FIR was filed hours after the Enforcement Directorate conducted raids at Gaurav Mehta’s Raipur building in connection with the Bitcoin transaction case.

The investigation is part of a broader money laundering investigation under the Prevention of Money Laundering Act (PMLA).

Police in Maharashtra and Delhi had filed several cases against Variable Tech Pte Ltd, late Amit Bhardwaj, Ajay Bhardwaj and others for allegedly running multi-level-marketing (MLM) schemes through which they allegedly made around Rs 6,600 crore in the form of Bitcoins. in 2017 from gullible people while offering 10 percent monthly returns in the cryptocurrency.

Bitcoin, a form of cryptocurrency, operates independently and is not regulated by any central bank worldwide.

On Tuesday (November 19), the Bharatiya Janata Party (BJP) accused NCP MP Supriya Sule and Congress leader Nana Patole of using Bitcoins to fund the Maharashtra Assembly elections.

The BJP has also released a purported audio recording claiming it to be Sule’s voice, which it has denied.

Mehta is accused of raising funds worth Rs 6,600 crore in Bitcoin as early as 2017, luring investors with promises of 10% monthly returns. Times of India reported citing ED sources.

The investigation stems from police complaints filed in Maharashtra and Delhi.

Officials reportedly suspect that Mehta’s activities may be linked to broader financial operations that could potentially influence the electoral process.

Also read: Gautam Adani Indicted in US Over Alleged $265 Million Bribery Plot – What You Need to Know