Economic Fraud
ED Attaches Rs 10 Crore Assets in Dubai in Bitcoin Investment Fraud Probe
New Delhi: The Enforcement Directorate (ED) has attached assets worth over Rs 10.63 crore, including prime commercial properties in Dubai, as part of its ongoing money laundering probe into a large-scale Bitcoin investment fraud. The case, involving the late Amit Bhardwaj, was initially registered by the Maharashtra and Delhi Police, with multiple individuals facing charges for orchestrating an elaborate cryptocurrency scam.
The ED, in a statement, confirmed that a provisional attachment order was issued on February 17 under the Prevention of Money Laundering Act (PMLA). This latest seizure adds to the Rs 172 crore worth of assets previously attached in the case. So far, three individuals have been arrested, and two chargesheets have been filed in 2019 and 2024.
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The fraudulent scheme, operated through Variable Tech Pvt Ltd, lured investors with false promises of a 10% monthly return in Bitcoin. However, instead of utilizing the collected funds for Bitcoin mining as claimed, the promoters allegedly misappropriated the digital assets and concealed them in obscure online wallets.
Among those named in police FIRs are Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj, and several multi-level marketing agents who facilitated the scam by enticing unsuspecting investors. The ED has already arrested Simpy Bhardwaj, Nitin Gaur, and Nikhil Mahajan in connection with the case.
Meanwhile, the primary accused—Ajay Bhardwaj and Mahendra Bhardwaj—remain at large. The ED has sought international assistance to trace the illicit funds, which have reportedly been moved to foreign locations.
The investigation continues as authorities work to uncover the full extent of the fraud and recover the misappropriated assets.