The biggest cryptocurrency scam in the world’s biggest democracy, India, might be worth over $13 billion or over INR 1 trillion! As per reports from local media outlets, around 1 lakh or 100,000 people are supposed to have been affected by the GainBitcoin scam. 

The biggest crypto scam in India

GainBitcoin scam might be the biggest crypto-related scam in India, with people losing as much as $13 billion in the same. Interestingly, the reports reveal that over 40 FIRs (First Information Reports) have been registered by victims (more than 13 FIRs in Maharashtra alone, followed by Punjab). However, people from other states have also lost their money in the GainBitcoin scam as authorities continue to figure out ways to bring crypto regulation into the nation. 

Amit Bhardwaj has been named as the mastermind behind this entire GainBitcoin operation. As per reports, Bhardwaj had accumulated somewhere 385,000 to 600,000 Bitcoins through the scam, amounting to more than Rs 1 trillion. However, since Bitcoin remains volatile and dropped to $20,000 from $69,000 in November 2021, the worth of these assets might be more. 

Until now, the authorities in Pune, India, have found over 60,000 user IDs and email addresses related to the GainBitcoin scam. 

What was GainBitcoin?

GainBitcoin was a scam prevalent in India whose mastermind was Bhardwaj, who died due to cardiac arrest earlier this year. It was a pyramid, multi-level marketing scheme with Bhardwaj and his ‘Seven Stars’ working in coordination with each other. The GainBitcoin program guaranteed investors a return rate of 10% on Bitcoin-on-Bitcoin deposits for 18 months via multi-level marketing programs.

Currently, the authorities are investigating Ajay Bhardwaj, the brother of Amit Bhardwaj, in case of any leads.