Bitcoin Scam: GainBitcoin investors write to President, as Amit Bhardwaj fails to pay court deposit

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Amit Bhardwaj, the principal accused in the GainBitcoin scam case, has filed a separate petition in the Supreme Court of India, seeking a deposition of Rs 2 crore in place of SC’s order dated 3rd April 2019. Bhardwaj, who was granted bail on 3rd April, has been directed by the apex court to deposit an amount of Rs 10 crore within six months ending on 2nd October. 

Deepak Prakash, Bhardwaj’s representative, as a result, has filed another application in SC requesting the court to alter the amount. With an offered amount of Rs 2 crore, he wrote that in compliance of the Annexure A-1 order (3rd April), out of total sum of Rs 10 crore, the applicant will be making a part deposit for Rs 2 crore in the registry of the court, by way of a fixed deposit amounting to Rs 2 crore from the account of petitioner.

The Enforcement Directorate already has taken notice of three of his properties in Dubai worth Rs 39 crore, the Pune police have recovered 35 Bitcoins and have frozen the bank accounts belonging to Amit Bhardwaj, his brothers, and the firm. As a result, Bhardwaj in his application has claimed that he didn’t have access to his properties worth Rs 41.64 crore.


Investors write a letter to the President against the compromised investigation

Over 8,000 investors had invested in GainBitcoin out of which some have written to the President Ram Nath Kovind, questioning the expertise of the police over the allegedly compromised investigation. This, however, is not the first letter written by the investors to the center. Letters have already been forwarded to the PM, the home minister, Enforcement Directorate, Ministry of Corporate affairs amongst others.

Many loopholes have been pointed out by the investors in the ongoing investigation. Some said that the bail pleas for Bhardwaj and his family members were not communicated to other stakeholders. The government secretaries who had received the notices from the court failed to communicate with these stakeholders, which resulted in unawareness on the issue from the ED, Mumbai, and Pune Police.

Pune Police claimed to have frozen all the accounts of Bhardwaj and co; however, some investors have submitted documentation that shows the opposite. 

The investigation team at Pune Police seems not to have any expertise with blockchain to investigate thoroughly. For example, the cops claimed to have recovered 35 Bitcoins from Bhardwaj’s Koinex wallet, which was opened just a few days before the arrest. But the investors of GainBitcoin have mined over 26,500 bitcoins from their account. Additionally, Amit Bhardwaj also operated Zebpay wallets.

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Arun is a writer by day and a reader by night. He is on a mission to stamp out gobbledygook and to highlight the insider stories about startups and entrepreneurs around the country.

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