CBI Raids 60 Locations In Nationwide Searches For Rs 6,600 Crore GainBitcoin Scam Probe

The CBI raided 60 locations as part of its probe into the Rs 6,600 crore GainBitcoin scam case. The scam, allegedly masterminded by Amit and Ajay Bhardwaj, lured investors with promises of high returns.

The CBI searches were carried out in multiple cities, including Delhi-NCR, Pune, Chandigarh, Nanded, Kolhapur, and Bengaluru, targeting premises allegedly linked to key accused individuals in the GainBitcoin cryptocurrency scam.

Source : ABPLIVE AI

The Central Bureau of Investigation (CBI) on Tuesday conducted coordinated searches at 60 locations across the country as part of its probe into the ₹6,600 crore GainBitcoin cryptocurrency scam case, officials said.  

According to a statement by CBI, the searches were carried out in multiple cities, including Delhi-NCR, Pune, Chandigarh, Nanded, Kolhapur, and Bengaluru, targeting premises allegedly linked to key accused individuals.  

The scam, which operated through a network of platforms, including the flagship site www.gainbitcoin.com, was allegedly masterminded by Amit Bhardwaj (now deceased) and his brother Ajay Bhardwaj, officials said. Launched in 2015, the illicit operation was conducted under the guise of Variabletech Pte. Ltd, they added.  

CBI Conducts Searches at Over 60 Locations across India in GainBitcoin Scam pic.twitter.com/2eip1fjVNQ

— Central Bureau of Investigation (India) (@CBIHeadquarters) February 25, 2025

The scheme lured investors by promising extraordinary returns of 10 per cent per month in Bitcoin over an 18-month period, urging them to purchase the digital currency from external exchanges and deposit it with GainBitcoin through cloud mining contracts, the central agency stated. The model followed a multi-level marketing (MLM) structure, commonly associated with pyramid schemes, where payouts were dependent on bringing in new investors, the release said.  

"In its early days, investors received payouts in Bitcoin, fuelling the illusion of a lucrative venture. However, as the influx of new capital dwindled by 2017, the charade began to crumble," the agency stated. To cover up the losses, GainBitcoin allegedly switched payouts to its in-house cryptocurrency called MCAP, which had significantly less value than Bitcoin, further misleading investors.  

FIR Across India In GainBitcoin Scam Case

The sheer scale and complexity of the scam led to multiple FIRs being registered across India, from Jammu and Kashmir to Maharashtra and from Delhi to West Bengal. The Supreme Court later handed over the investigation to the CBI due to the vast scope of the operation and its international ramifications.  

CBI took over these cases and is conducting a comprehensive investigation to uncover the full extent of the fraud, identify all accused individuals, and trace the misappropriated funds, including international transactions, the agency said.  

During the searches, the CBI seized multiple crypto wallets, incriminating digital evidence, and digital devices. Evidence stored in emails and cloud-based platforms has also been recovered, the agency added.