Wed Feb 26 11:51:28 UTC 2025: ## CBI Seizes ₹23.94 Crore in Crypto in GainBitcoin Scam Investigation
**New Delhi, February 26, 2025** – The Central Bureau of Investigation (CBI) has seized cryptocurrencies worth ₹23.94 crore (approximately $2.9 million USD) in its ongoing investigation into the ₹6,600-crore GainBitcoin scam. Raids conducted across 60 locations in five states—Delhi, Maharashtra, Karnataka, Punjab, and Uttar Pradesh—yielded the cryptocurrency, along with numerous electronic devices and documents.
The scam, launched in 2015 by Amit Bhardwaj (deceased) and others, promised investors a 10% monthly return on Bitcoin investments. The multi-level marketing (MLM) scheme initially paid out in Bitcoin but later switched to a lower-value in-house cryptocurrency, MCAP, after its collapse in 2017, defrauding investors.
The CBI seized cryptocurrencies, multiple hardware crypto wallets, 121 documents, 34 laptops/hard disks, 12 mobile phones, and several email and instant messaging app dumps. These materials are currently under analysis to trace the misappropriated funds and potential international transactions.
The Supreme Court transferred cases initially filed across various states to the CBI due to the scam’s scale and complexity. The Enforcement Directorate is also investigating the money-laundering aspect, having already attached properties in India and abroad. The accused allegedly collected investments worth approximately 80,000 Bitcoins. The investigation is ongoing to identify all those involved and recover the remaining funds.
First Piper 