2000 Cr Bitcoin Scam, 8000 Investors Lost Money!

Bitcoin is the world's most popular cryptocurrency. Bitcoin grabbed the headlines across the world as its value increased by a whopping 200% in the last year. As the bitcoin value was growing exponentially, many investors have shown interest to invest in the bitcoins eyeing huge profits. Whenever there are huge profits there will be a risk as well. A bitcoin entrepreneur lured the investors to invest in his Multi-level marketing scheme offering them higher returns which involves bitcoins. Nearly 8000 people invested in his scheme and lost money to the tune of Rs.2,000 crores.

Going into the details, a bitcoin entrepreneur named Amit Bharadwaj started an online marketing company Gain Bitcoin in 2014 for trading bitcoins. He promoted the company saying that they will be mining bitcoins in China and they have a head office in Hongkong. He lured the investors across India and many people believed him. Nearly 8000 people invested in the scheme and the total investment amounts to Rs.2,000 crores. But the investors realised that Amit Bharadwaj cheated them and they have approached the police. Acting on the complaint police arrested Amit in the Delhi Airport and they are investigating the case now.

On the other hand, several countries including India are opposing cryptocurrencies and taking strict measures to control them. It is known that Finance Minister Arun Jaitley clearly said during his budget speech that all the cryptocurrencies including bitcoin are against the law and government will take strict measures to control them