According to the law enforcement agency’s statement, the raids were conducted simultaneously and targeted premises in major cities, including Delhi NCR, Pune, Chandigarh, Bengaluru, Nanded, and Kolhapur. The agency stated that it focused on individuals and entities tied to the sprawling Ponzi scheme, and it seized cryptocurrency wallets, laptops, mobile devices, and key documents linked to the scam’s operations.
The CBI’s actions mark a significant escalation in a years-long investigation into a fraud scheme that allegedly defrauded thousands of investors, with losses estimated in the billions of rupees.
CBI Conducts Searches at Over 60 Locations across India in GainBitcoin Scam pic.twitter.com/2eip1fjVNQ
— Central Bureau of Investigation (India) (@CBIHeadquarters) February 25, 2025
The GainBitcoin scheme was reportedly launched in 2015 by Amit Bhardwaj, now deceased, alongside his brother Ajay Bhardwaj and a network of agents. Operating under the Singapore-registered firm Variabletech Pte Ltd, the scheme lured investors with promises of a 10% monthly return on Bitcoin deposits. Initially, payouts were made in Bitcoin, but by 2017, as the scheme unravelled, it switched to MCAP, a near-worthless token.
The CBI’s involvement follows a Supreme Court directive consolidating multiple First Information Reports (FIRs) filed across Maharashtra, Karnataka, Punjab, and Jammu & Kashmir. Investigators suspect the perpetrators amassed up to 80,000 Bitcoins—worth over ₹6,600 crore ($1 billion) in 2017—laundering the proceeds through international transactions and obscure digital wallets.
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Indian authorities have been intensifying their crackdown on crypto-related fraud. In January 2025, the Indian Ministry of Home Affairs, through its Cyber Crime Coordination Centre, announced a collaboration with Google and Facebook to address the growing issue of cryptocurrency scams across the country. The Ministry noted that these schemes often rely on fake investment opportunities promoted through Google ads and messaging platforms like WhatsApp and Telegram, preying on victims’ desperation with promises of quick and substantial returns. This new partnership with the tech giants will focus on flagging malicious advertisements, identifying fraudulent digital lending apps, and detecting phishing campaigns associated with these scams.
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