CBI Begins Investigation Into Rs 6,600 Crore Maharashtra Bitcoin 'Scam'

The Central Bureau of Investigation (CBI) on Wednesday (20 November) registered an FIR in the alleged Maharashtra Bitcoin scam, news agency ANI reported citing sources.

Amit Bhardwaj, Ajay Bhardwaj, and four others were booked by the central agency for allegedly amassing 80,000 Bitcoins and diverting the funds worth Rs 6,606 crore through nine overseas firms to purchase properties abroad.

While Amit died of a heart attack earlier, Ajay is a fugitive who is on the lookout by multiple agencies.

The CBI has also issued summons to Gaurav Mehta for questioning in the case.

The FIR was filed hours after the Enforcement Directorate carried out raids at searches at the Raipur premises of Gaurav Mehta in connection with the Bitcoin transactions case.

The probe is part of a broader money laundering investigation into money laundering under the Prevention of Money Laundering Act (PMLA).

Police in Maharashtra and Delhi had lodged several cases against Variable Tech Pte Ltd, the late Amit Bhardwaj, Ajay Bhardwaj and others for allegedly running multi-level-marketing (MLM) schemes through which they allegedly collected around Rs 6,600 crore in the form of Bitcoins in 2017 from gullible people while offering 10 per cent monthly return in the cryptocurrency.

Bitcoin, a form of cryptocurrency, operates independently and is not regulated by any central bank globally.

On Tuesday (19 November), the Bharatiya Janata Party (BJP) accused NCP MP Supriya Sule and Congress leader Nana Patole of using Bitcoins to fund the Maharashtra Assembly elections.

The BJP also released a purported audio recording claiming to be Sule's voice, which she has denied.

Mehta is accused of collecting funds worth 6,600 crore in Bitcoin as far back as 2017, luring investors with promises of 10% monthly returns, Times of India reported citing ED sources.

The investigation stems from police complaints filed in Maharashtra and Delhi.

Officials reportedly suspect that Mehta's activities could be linked to broader financial operations potentially influencing the electoral process.

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