The statement said coordinated search operations are underway in Delhi NCR, Pune, Chandigarh, Nanded, Kolhapur, and Bengaluru, among other cities. The raided premises are linked to key accused, their associates, and entities suspected of laundering ill-gotten gains from the scam. CBI has recovered some crypto wallets, incriminating digital evidence and digital devices, as well as evidence from emails/clouds,
GainBitcoin was a Ponzi scheme launched in 2015 by Amit Bhardwaj (now deceased), Ajay Bhardwaj and a network of agents. The scheme operated through multiple websites under the facade of a company named Variabletech Pte. Ltd.
The scheme lured investors by promising lucrative monthly returns of 10% in Bitcoin for 18 months. The scheme encouraged investors to buy Bitcoin from different exchanges and invest them in GainBitcoin through cloud mining contracts. The model followed a multi-level marketing (MLM) structure, commonly associated with pyramid-structured Ponzi schemes, where payouts are dependent on bringing in new investors.
Initially, investors received payouts in Bitcoin. However, the scheme began to collapse, with fresh investments drying up by 2017. To cover these losses, GainBitcoin unilaterally switched payouts to an in-house cryptocurrency called MCAP, which held significantly less value than Bitcoin, further misleading investors, the statement read.
Multiple FIRs were registered across India, alleging large-scale fraud and money laundering — cases were registered in Jammu & Kashmir, Punjab, Chandigarh, Delhi, West Bengal, Madhya Pradesh, Karnataka, and Maharashtra. The Supreme Court eventually transferred them to CBI for a unified investigation.
Also read: Union Budget 2025 allocates over ₹1,900 crore for cybersecurity amid rising digital frauds
