More than 5,000 Gujaratis have been allegedly involved in a nationwide Gain Bitcoin scam worth ₹6,606 crore.

The Central Bureau of Investigation (CBI) has conducted nationwide raids as part of its investigation into the scam, seizing cryptocurrency worth ₹23.94 crore.

Over two days, more than 60 locations were raided across Delhi, Mumbai, Pune, Bengaluru, Chandigarh, Nanded, Kolhapur, Mohali, Jhansi, Hubli, and other cities.  

During the raids, several hardware crypto wallets, 121 documents, 34 laptops/hard disks, 12 mobile phones, and multiple email and instant messaging app data were seized. 

All electronic devices have been sent for forensic analysis to uncover fraud and possible international financial transactions.  

According to sources, the names of approximately 5,000 investors from Gujarat have emerged in this scam. As the search operation continues, more names are expected to surface. 

What is Gain Bitcoin?

The Gain Bitcoin was launched in 2015 by Amit Bhardwaj, promising investors a 10% monthly return for 18 months. The scheme followed a multi-level marketing structure, initially making payments in Bitcoin while offering commission incentives.  

By 2017, when the scheme collapsed, payments were made not in Bitcoin but in less valuable cryptocurrencies like House Cryptocurrency and MKP.

Previously, investors from Gujarat had also been linked to cryptocurrency scams, including Binance. 

According to reports, the CBI has interrogated some of the Gujaratis involved in the Gain Bitcoin scam and obtained details of their financial transactions via email.  

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