Bitcoin case: ED attaches Rs 42.88-cr assets including multiple flats in Dubai
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The ED said Friday it has attached assets worth Rs 42.88 crore in India and Dubai in connection with a money laundering probe related to a bitcoin transaction case. The agency said it has issued a provisional order for attachment of properties under the PreveBitcoin case: ED attaches Rs 42.88-cr assets including multiple flats in Dubai
The ED said Friday it has attached assets worth Rs 42.88 crore in India and Dubai in connection with a money laundering probe related to a bitcoin transaction case. The agency said it has issued a provisional order for attachment of properties under the Prevention of Money Laundering Act (PMLA). The properties include six offices of the alleged kingpin of the scam, Amit Bhardwaj, in Dubai and flats and bank balances in India of two of his marketing agents. These are worth Rs 42.88 crore, the Enforcement Directorate (ED) said. Bhardwaj started a company in Singapore -- Ms Variabletech Pvt Ltd -- in 2015 and through its website www.gainbitcoin.com and www.gainbitcoin.com he launched a ponzi scheme for bitcoin trading, according to the ED investigation. Bitcoin is a virtual crypto-currency which is illegal in India. The ED said under the scheme, Bhardwaj through his team of marketing agents used to lure people by asking them to buy bitcoins out of their investments. He then invested ... Read more