The mastermind behind the Bitcoin scam, Simpy Bhardwaj, will be held in custody until December 26th

Bitcoin

Mumbai – In an ongoing investigation into a fraudulent Bitcoin investment scheme, a significant development occurred today as Judge MG Deshpande decided that Simpy Bhardwaj will remain under the surveillance of the Enforcement Directorate (ED) until December 26th. Bhardwaj, who was arrested on Sunday, is accused of orchestrating a deceptive cryptocurrency operation that affected numerous investors across India.

The scam, promising guaranteed income and cloud mining setups, amassed a staggering amount of 6,606 crore Rs (1 Rs = 0.012 $). It has been reported that the program significantly impacted the life savings of many individuals. The judge’s decision comes amid concerns regarding Bhardwaj’s lack of transparency and conflicting statements regarding the intricate web of the Ponzi scheme.

The case against Bhardwaj underscores the heightened vigilance against fraudulent financial schemes in the cryptocurrency realm. Authorities are focused on unraveling all dimensions of the fraudulent activities and ensuring justice for affected investors. With Bhardwaj being held in custody, investigators are expected to uncover further details regarding the operations of the scheme as they continue their work.

Reuters contributed to this article.

Source: Investing

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