GainBitcoin Scam Accused Amit Bhardwaj Granted Interim Bail

Amit Bhardwaj and Vivek Bhardwaj – the alleged conspirators of the infamous $300 million (₹2000 crores) GainBitcoin scam – have been granted interim bail by the Supreme Court. According to the official report, Amit Bhardwaj was granted interim bail on his health grounds whereas his brother Vivek was granted bail on the merits of the case.

It is noteworthy that the Supreme Court asked Amit Bhardwaj to deposit ₹10 crores whereas his brother was asked to deposit ₹1 crore as part of the bail agreement. The brothers had also requested the Supreme Court to club all the 12 cases listed among them in the various states of India. The Supreme Court might hear this matter on April 27, 2019.

GainBitcoin was a classic ponzi scheme that assured returns of 10% on Bitcoin holdings to customers. It also followed a multi-level marketing scheme which promised commissions to people who enrolled others on to the program. Last year, the police had attached assets worth ₹42.88 crore linked to Amit Bhardwaj. The police had also seized 451 Bitcoins from another suspect linked to the case.

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