The Enforcement Directorate (ED) filed a Supplementary Prosecution Criticism (PC) on February 14 in opposition to 4 accused in reference to a case of an alleged Rs 6,600 crore cryptocurrency rip-off.
The grievance was filed in opposition to Simpy Bhardwaj alias Simpy Gaur, Nitin Gaur, Nikhil Mahajan and Sandeep Kumar. A PMLA courtroom in Mumbai took cognisance of the identical on February 23.
The ED’s investigation is predicated on a number of FIRs filed by Maharashtra Police and Delhi Police in opposition to M/s Variable Tech Pte Ltd and other people linked to the corporate. The accused embody the late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj and numerous Multi-Degree-Advertising and marketing (MLM) brokers.
It has been alleged that the accused collected a considerable amount of funds within the type of Bitcoins (value Rs 6,600 crore in simply 2017) from folks with false guarantees of 10 per cent returns per 30 days within the type of cryptocurrency.
The collected Bitcoins have been presupposed to be utilised for Bitcoin mining and the buyers have been presupposed to get large returns on crypto belongings. Nevertheless, the promoters allegedly cheated the buyers and hid the ill-gotten Bitcoins in obscure on-line wallets.
Subsequent searches performed at premises linked to the accused led to the restoration of a number of luxurious vehicles, together with a Mercedes and an Audi.
The ED’s investigation revealed that the accused have been utilizing cryptocurrencies together with Bitcoin, Ethereum, USDT, Tron for complicated transactions which have been carried out each nationally and internationally.
It was discovered that the accused had liquidated a considerable amount of cryptocurrency into Indian rupees. The ED hooked up properties value Rs 69 crore and has sought help from overseas international locations to hint the proceeds of crime.
The important thing accused within the rip-off, Ajay Bhardwaj and Mahender Bhardwaj, managed to flee from their residence in the course of the search operations after taking assist from Simpy Bahrdwaj, spouse of Ajay, mentioned officers.
An FIR was filed in opposition to them on the Garhi Police Station in Delhi and Simpy Bhardwaj was arrested in December 2023. Later, Nitin Gaur and Nikhil Mahajan have been additionally arrested. All three are at present in judicial custody.
The ED’s investigation revealed that Simpy Bhardwaj alongside along with her husband Ajay Bhardwaj and different MLM brokers performed an energetic function in luring gullible buyers by promising large returns on the funding. So as to lure such buyers, promotional occasions have been additionally performed in Dubai and Macau in 2017 and 2018.
The ED additionally discovered that Nitin Gaur acquired the proceeds of the crime in his cryptocurrency account opened on Binance from the pockets operated by his brother-in-law Ajay Bhardwaj.
Ajay Bhardwaj and Mahender Bhardwaj are nonetheless absconding from the authorities.
With the supplementary grievance filed in opposition to the 4 accused within the cryptocurrency case, the ED’s investigation is predicted to progress additional.