Large-scale bitcoin mining fraud in India involving up to 300 million U.S. dollars

Amit Bhardwaj, a director and curator of a bitcoin mining company in India, was arrested recently for planning a multi-tiered marketing scam of US$300 million. According to this “plan,” he told investors to invest in Bitcoin, with a return of 10%. This “contract” is valid for a total of 18 months. The police said that Bhardwaj also offered another option. He promised to provide investors with the convenience of bitcoin mining hardware, which investors can use to mine Bitcoin. However, the police said that he had never given a return, but fled the country. This scam attracted a total of 8,000 participants and defrauded a total of 308 million U.S. dollars worth of Bitcoin from all over India.

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