The Central Bureau of Investigation (CBI) has seized virtual digital assets worth ₹23.94 crore along with significant incriminating evidence in connection with the GainBitcoin scam. On Tuesday, officials conducted raids at various locations nationwide, as part of an ongoing investigation into the large-scale cryptocurrency fraud.
Background of the Scam
GainBitcoin, a fraudulent investment scheme launched in 2015 by Amit Bhardwaj (deceased), Ajay Bhardwaj, and others, lured investors with promises of 10% monthly returns on Bitcoin investments for 18 months. 
The scheme operated as a multi-level marketing (MLM) structure, offering commissions for referrals. Initially, investors received payouts in Bitcoin, but as the scheme collapsed in 2017, payments were shifted to MCAP&mdash;an in-house cryptocurrency with significantly lower value&mdash;causing massive financial losses.
CBI Raids and Seizures
CBI conducted searches at over 60 locations across major cities, including Delhi, Pune, Nanded, Kolhapur, Mumbai, Bengaluru, Chandigarh, Mohali, Jhansi, and Hubli. The operation led to the seizure of:
<ul style="margin-top: 0cm;" type="disc">
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;">Cryptocurrencies worth ₹23.94 crore</li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;">Multiple hardware crypto wallets</li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;">121 documents</li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;">34 laptops and hard disks</li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;">12 mobile phones</li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo1; tab-stops: list 36.0pt;">Data from email and instant messaging apps</li>
</ul>
The confiscated digital and physical evidence is currently under forensic analysis to trace further misappropriation of funds and potential international transactions.
The Investigation
The CBI remains committed to a comprehensive and impartial probe into the GainBitcoin scam and is actively working to bring the perpetrators to justice.

GainBitcoin was a fraudulent investment scheme launched in 2015

Investors promised 10% monthly returns for 18 months; Raids conducted at several sites across India

GainBitcoin Scam: CBI Seizes Crypto Worth ₹23.94 Cr

Investors promised 10% monthly returns for 18 months; Raids conducted at several sites across India

February 26, 2025 | 17:44 IST