Bitcoin ponzi scheme: ED arrests Delhi woman for in Gain cryptocurrency case

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The Directorate of Enforcement (ED) has apprehended Simpy Bhardwaj, also known as Simpy Gaur, on December 17, in connection with the ongoing investigation related to the Gain Bitcoin Ponzi scheme.

The arrest is made under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The ED's investigation was initiated based on multiple FIRs filed by Maharashtra Police and Delhi Police against M/s Variable Tech Pte Ltd, Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj, and several MLM agents. The allegations suggest that they collected approximately Rs 6600 crore in Bitcoin from the public, posing as a lucrative investment opportunity.

The probe revealed that Simpy Bhardwaj, along with her husband Ajay Bhardwaj and MLM agents, played a pivotal role in enticing unsuspecting investors with promises of significant returns on their investments.

The investigation further exposed their involvement in defrauding the public through deceptive means. Notably, the proceeds of this fraudulent activity were funnelled into various overseas companies, and utilized for acquiring properties abroad. Simpy Gaur was identified as an active participant in generating, concealing, and layering these illicit proceeds.

As part of the operation, a search was conducted at the residence of Smt. Simpy Bhardwaj and Ajay Bhardwaj. Subsequently, on December 17 Simpy Bhardwaj was placed under arrest. The following day, she was presented before the Special Judge, PMLA, Mumbai, and the court granted ED custody for 8 days until December 26.

Additionally, during the search operation, authorities seized three cars, including a Mercedes GLS350D and Audi Q3, along with incriminating documents and jewellery valued at Rs 18.91 lakh. The ED's relentless investigation has already led to the attachment of properties worth Rs 69 Crore in connection with the Gain Bitcoin Ponzi scheme.

However, the main accused, Ajay Bhardwaj, and Mahender Bhardwaj are currently absconding. The arrest of Simpy Bhardwaj marks a significant development in the pursuit of justice and the unravelling of the intricate web of the Gain Bitcoin Ponzi scheme. The ED remains committed to bringing all perpetrators to justice and ensuring that the ill-gotten gains from such fraudulent schemes are appropriately dealt with under the law.