Amit Bhardwaj, the bitcoin entrepreneur who started his own bitcoin mining operations and duped more than 8,000 people to the tune of Rs 2,000 crores from across the country has been arrested from the Delhi Airport by the Pune Police. The move comes after the Pune police had arrested seven persons associated with Bhardwaj and located him at Bangkok.

The Delhi Police say that Bhardwaj introduced the first online retail marketplace accepting bitcoin in the country in 2014. He owns a chain of bitcoin mining operations notable among them are Gain bitcoin- which claims to have set up bitcoin mining operations in China, GB Miners, located in Hong Kong and the recently launched, MCAP.

Confirming the arrest, Pune Police Commissioner, Rashmi Shukla said, “ Amit Bhardwaj was arrested from the Delhi Airport today”. Sources have said that the Pune Police was tipped off by local Bankok agencies pertaining to Bhardwaj’s location in the country.

The police have said that Bhardwaj had set up an elaborate Multi-Level marketing scam by luring investors to hand him bitcoins in the promise of higher returns. Under his scheme, investors were asked to invest one bitcoin for a ten per cent return.

The contract would be valid for eighteen months. Bhardwaj also offered another option where he promised to facilitate bitcoin mining hardware to the investors, who may then mine their won bitcoins. Read more from…

thumbnail courtesy of