Four charged in India following $60 million bitcoin scam

November 24, 2018
Chris Wheal

In another scam involving cryptocurrency, four men in Pune, India have been charged in relation to a fraudulent scheme resulting in the loss of $60 million of investors’ money.

bitcoin scam

According to the report in Indian Express, Amit Bharadwaj, his brother Vivek, Pankaj Adlakha, and Hemant Bhope were all part of a scheme targeting potential bitcoin investors. According to his Linkedin profile, Amit, the head of the scheme, stated that he ran multiple cryptocurrency-related companies. This is just one of many tactics employed by Bharadwaj to deceive investors.

The four men were said to throw lavish yacht parties, where presentations were held promising investors 10% monthly returns on bitcoin investments. Vivek was in charge of speaking, Adlakha was in charge of promotion, and Bhope’s position was organizing secretary, according to an article published in The Times of India.

Things started going downhill for the four when investors reported not receiving their returns. Following the reports, Amit was promptly arrested in Bangkok on March 31st of last year. The three other men were arrested shortly after. All four of the men have been in custody since that time, with a hearing set for December 4th.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

Related News

July 18, 2019: Top Gainers and Losers (24h) on OpenLedger DEX July 18, 2019
July 17, 2019: Top Gainers and Losers (24h) on OpenLedger DEX July 17, 2019

Leave a Reply

Your email address will not be published. Required fields are marked *