Overview

• The Central Bureau of Investigation (CBI) raided over 60 locations across India, including Delhi, Mumbai, Pune, and Bengaluru, as part of its probe into the GainBitcoin cryptocurrency scam.
• GainBitcoin, launched in 2015 by Amit Bhardwaj and Ajay Bhardwaj, operated as a multi-level marketing scheme promising 10% monthly returns in Bitcoin, later switching to a less valuable in-house cryptocurrency called MCAP.
• The CBI seized cryptocurrencies worth ₹23.94 crore, alongside hardware wallets, laptops, mobile phones, and other incriminating digital evidence to trace misappropriated funds and potential international transactions.
• The scam, estimated at ₹6,606 crore, allegedly defrauded investors by diverting funds through nine foreign firms and concealing proceeds in obscure online wallets.
• The Enforcement Directorate is conducting a parallel money laundering investigation, while the CBI continues its comprehensive effort to identify all accused parties and recover the stolen assets.