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Indian Ponzi Mastermind Offers to Pay Back Investments, but Not at Current Value

Indian Ponzi Mastermind Offers to Pay Back Investments, but Not at Current Value

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Amit Bhardwaj, the Indian Gain Bitcoin entrepreneur accused of being behind what has become one of the biggest Bitcoin scams in history, has reportedly offered to return initial investments in the scheme to investors.

He is also the founder of Amaze Mining and Research Limited and one of the pioneers of Bitcoin in the Indian nation. Bhardwaj has been accused of running a multi-level marketing in relation to the MCAP token taken out by Gain Bitcoin.

Despite his offer, it has been reported that victims of the scheme want the returned funds returned at the current value of their cryptocurrencies rather than the value of the initial investments. One of the victims who has since filed a police complaint against Bhardwaj argued:

“We want the returns in (today’s) cryptocurrency value and not the value of the cryptocurrency when we invested. Today, the Bitcoin price is much higher than what it was when we invested. It is like Bhardwaj will keep the profits and just return the principal amount which is wrong.”

Reports suggest that Gain Bitcoin received an estimated USD 146 million by deceiving investors with promises of huge returns on their investment. Inspector Jayram Paygude of the Pune Cyber Crime Cell suggested that one of India’s major exchanges, Zebpay, had been called in to help with current enquiries as they dealt with the Bitcoin investments at the time.

This week, Nationalist Congress Party member Hemant Takle raised the fact that there were concerns that not only had the police failed to “nab” those associated with criminal activity surrounding the case, but he also referred to the disparity of funds to be returned to victims given the difference in value in today’s market.

A member of the 13th Maharashtra Legislative Assembly, Deepak Kesarkar explained that there were complexities establishing exactly how much should be repaid to investors:

“Some of this amount is recovered by the police department through the e-wallets of these companies. The value of these digital currencies in the wallet will be recovered but it is difficult to recover the investment made in foreign companies.”


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