As previously reported by Hard Fork, Bhardwaj set up a series of Bitcoin mining firms, including GB Miners, Gain Bitcoin, and MCAP. As part of the scheme, he promised investors 10x returns for their money. Needless to say, none of his promises delivered and, instead, investors lost their hard-earned cash.
If he could accumulate that much amount of money and he was running a mining farm, i am not sure why he could not earn a profit and how come the investors lost their money, i am not sure how come he convinced people to invest this much amount into his scam.
India has seen its fair share of cryptocurrency scams in the past. In February, police in Indias financial hub Mumbai booked a local resident for duping $250,000 out of 12 people in an alleged cryptocurrency scam.
Also in February, criminal investigation authorities in Gujarat accused five people of running a fraudulent initial coin offering (ICO) called Bitstrades.
Glad these scammers are busted and who knows how much money have being scammed in the past few years, these are the reports that have being caught, i am sure there will be many other cases to see the light.