Indian police in Pune, India, accused Amit Bhardwaj along with three other people: Vivek Bhardwaj, Pankaj Adlah and Hemant Bhope, for participating in criminal multi-level (network) marketing and fraudulent mining-ICO – as reported in "The Indian Express" local publication.
After almost a year of investigative actions, on November 22, direct charges were presented to the participants of the fraudulent "pyramid". It is alleged that Amit, who is the central character in the lawsuit, collected about 10 million rupees (about 1.42 million dollars) from unsuspecting investors under the guise of high-yield cryptocurrency investments for the new ICOICO
(Initial Coin Offerings) is an acronym, which means a primary currency offer. Details project
According to his LinkedIn profile, Amit Bhardwaj began his "cryptocurrency activity" in 2016. He describes himself as an entrepreneur, investor, dreamer and Bitcoin "pioneer", according to LinkedIn's profile data. Amit Bhardwaj claims that he is the founder of four crypto-companies: Amaze Miners, GB Miners, CoinBank and Amaze MiningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details & BlockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details Research Ltd.
As reported by CCN, Amit has joined promises to investors that he made public on LinkedIn: "(...) This is the most highly profitable smart-technology for mining crypto-coins in the world. We made up to 200% annual profit from investment in Alt-Coin Mining" – Amit Bhardwaj, LinkedIn.
As it became known, the suspects promised up to 10% of the monthly profit for investments in Bitcoin for 18 months.
According to the publication in "The Indian Express", Amit and his team held complex presentations and summits in Macau and Dubai. The yachts were booked for several days, to lure as many new investors as possible.
One of the affected investors anonymously commented on the situation: "We were invited to the summit of investors in Dubai and Macau. Tickets together with other documents were sent to us (...) When we began to resent that we did not profit from our invested money in Bitcoin during the summit, Amit and his younger brother Aditya Bharadwaj assured us that our money would be returned (.. ) it was all in vain (...) Along with investors from India, people from China, Vietnam, Dubai, Mauritius and other countries also attended these summits."
The scheme began to crumble when investors did not receive the promised dividends. Several investors have filed complaints with Amita in court, stating that they were deceived. According to official data, Amit Bhardwaj was arrested in Bangkok on March 31 last year. Since then, he and his associates have remained under investigation. Only in November of this year they were charged with fraud.
After the court session, which took place on November 22, 2018 in the case of fraud, the local media were told about the nuances of the case. The roles that each of the defendants played were: Amit Bhardwaj as the leader of the scheme. His brother Vivek worked as marketing manager and promoter of the Gainbit coin and was also a speaker at events organized by the company. Pankaj Adlah and Hemant Bhope acted as promoter and motivational speaker, organizational secretary.
Editor: Yulia Krasnaya