Amit Bhardwaj is alleged to have fled to Dubai after conning scores out of an estimated Rs 2,000 crore through a Ponzi scheme based on bitcoins. New Delhi: He is the son of a former government employee from Shalimar Bagh who now owns a house in Dubai’s ultra-upmarket Burj Khalifa.

But this is not some grand story of a middle-class man hitting the big time. It’s quite something else altogether.

Amit Bhardwaj, a former software developer with Infosys and stock broker, is alleged to have fled to Dubai after conning scores of people out of an estimated Rs 2,000 crore through a Ponzi scheme based on bitcoins, the largely unregulated digital ‘cryptocurrency’ that has been making headlines with its sharp spike in value. Bhardwaj, whose businesses are reported to have a turnover of millions, now faces fraud cases in several states, with investigative agencies struggling to get him back to the country.

As of Sunday evening, one bitcoin was valued at just over Rs 4.26 lakh. But in 2017, the value surpassed Rs 10 lakh.

Under Bhardwaj’s scheme, an investor purchasing one bitcoin was promised 10 per cent of its value each month for the subsequent year and a half. This means that by the end of the 18-month period, an investor was supposed to get back almost double the value invested. Read more from theprint.in…

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