Another Man Arrested in India’s Multi-Billion GainBitcoin Ponzi Scam as Investigation Intensifies

Indian authorities have made another arrest in connection with the GainBitcoin Ponzi scam, a multi-billion-dollar cryptocurrency fraud case. The arrest of Nitin Gaur, the brother-in-law of Ajay Bhardwaj, is part of an ongoing investigation into the fraudulent scheme. Gaur is facing charges related to his alleged involvement in concealing and laundering the proceeds of the GainBitcoin Ponzi scheme. The scam involved the collection of hundreds of thousands of Bitcoins from victims, with promises of high monthly returns. The investigation has revealed a web of deception, with the promoters hiding ill-gotten Bitcoins in anonymous online wallets. The Directorate of Enforcement (ED) has intensified its efforts, conducting searches and making arrests. The investigation has also uncovered potential money laundering activities by suspected hawala operators associated with the scam. The main accused, Ajay Bhardwaj and Mahender Bhardwaj, are still at large.