CBI Files Case in Maharashtra Bitcoin Scam Involving $782M

The Central Bureau of Investigation (CBI) on Wednesday, November 20, filed a case in the Maharashtra Bitcoin scam in India, which involves the alleged illegal collection of 80,000 Bitcoins, worth approximately $782.15 million.

The accused include Amit Bhardwaj, Ajay Bhardwaj, and four others, who are accused of using a multi-level marketing (MLM) scheme to trick investors into putting money into Bitcoin in 2017, promising returns of 10% per month. The funds were reportedly funneled through nine foreign firms to purchase properties overseas, as reported by Times of India.

Amit Bhardwaj, one of the key figures, passed away earlier, while Ajay Bhardwaj remains on the run, with multiple agencies now searching for him. The CBI also summoned Gaurav Mehta, who is linked to the case, for questioning.

This investigation follows raids conducted by the Enforcement Directorate at Mehta’s premises in Raipur. The authorities are exploring possible money laundering activities under the Prevention of Money Laundering Act (PMLA). Several complaints have been filed against the accused in Maharashtra and Delhi.

The case has gained political attention as well. The Bharatiya Janata Party (BJP) recently accused NCP MP Supriya Sule and Congress leader Nana Patole of using Bitcoin to fund Maharashtra’s Assembly elections. Although an audio recording surfaced with a voice claiming to be Sule’s, she has denied the allegations.

The CBI and other agencies continue to probe the matter, which could have larger implications for both politics and financial regulations.

Also Read: Indian Opposition MP under scanner for “Bitcoin for Polls”