The mastermind behind the infamous bitcoin Ponzi Génibitocaine has offered to compensate thousands of victims, who faced losses during the plan, which emerged in early 1,000 million rupees in cryptocurrency (about $ 150 million)
Now under arrest, Amit Bharadwaj has been found as Kingpin behind India's largest cryptoscurrence scam. Founder of now-passive Bitcoin mining pool, GBMiners and investment plans, which are commonly known as 'genebitchein', have offered investors to pay their initial investment in Indian Rupees according to the local publication factor daily.
Gain Bitcoin started in 2015 as a multi-level marketing (MLM) plan and collected more than 100,000 investors from their entry, all of which were promised 10% monthly returns on their investment. When officials got caught, Bharadwaj took the base of operations in Dubai during the continued operation in India. It is alleged that many properties have been purchased in Dubai including Burj Khalifa Tower, an office space - the world's tallest building - according to the ongoing investigation of the scandal. Officials have also searched for several companies, including Hong Kong, British Virgin Islands, Estonia, Dubai and the United States, registered by Bharadwaj.
Officials have also discovered two bitcoin welts controlled by Bharadwaj, including the first 5,372 bitcoins, about $ 40 million in current prices. At the time of the search, there was a total balance of 3.31 bitcoins in pocket.
According to the report, after fixing this, authorities have also demanded major cryptrocreative exchange wetabpe after fixing a large quantity of transactions between the victims and Bharadwaj.
A police official of the Cyber Crime Cell of the Indian city of Pune told the publication, "The Zabpe platform through which the investment and sale of Bitcoin was made in this case, that is why they were called for investigation."
Curiously, Bharadwaj has offered investors to repay their initial bitcoin investment with their respective value to the Indian Rupee. Their victims have vigorously opposed the move while demanding their liabilities in today's market value of their original bitcoin. Quoting the unknown victim, quoted, "Today, the cost of bitcoin is much higher than the investment that we had invested." "It seems Bharadwaj will maintain the profit and will only return the original amount."
Dozens of investors have filed police complaints in several cities including Pune, Mumbai, Kolkata, Delhi and other cities.
As previously mentioned, the police attacked and stopped an atherium mining establishment involved in the MLM scheme, while seizing 500 jeeps and servers along with 100 atherium mining rigs.