• Promised high returns from Bitcoin mining operations.
• Used funds from new investors to pay earlier investors.
• Misled investors by showing fake profits and siphoned off the actual funds.

1. GainBitcoin Ponzi Scheme (2016–2018)

Steps of the Fraud:

1. Promise of High Returns:
   • Amit Bhardwaj and his associates launched GainBitcoin, promising investors extraordinary returns on their Bitcoin investments, such as guaranteed payouts of 10 Bitcoins per month.
2. Collection of Investments:
   • The scheme collected Bitcoins worth approximately ₹6,600 crore from thousands of investors across India.
3. Diversion of Funds:
   • Instead of using the funds for Bitcoin mining as claimed, the organizers concealed the funds in obscure digital wallets, leaving investors with nothing.
4. Legal Action:
   • The Enforcement Directorate (ED) investigated the scheme, leading to multiple arrests, including that of Amit Bhardwaj.