In a major breakthrough, the Central Bureau of Investigation (CBI) has seized ₹23.94 crore worth of cryptocurrency, multiple hardware wallets, and critical documents as part of its ongoing investigation into the GainBitcoin scam. The nationwide operation, conducted on February 25 and 26, 2025, covered over 60 locations across major cities, including Delhi, Pune, Mumbai, Bengaluru, Chandigarh, and more.
Background of the GainBitcoin Scam
The GainBitcoin scheme, which dates back to 2015, was launched by Amit Bhardwaj (deceased) along with Ajay Bhardwaj and other associates. The scam lured investors with the promise of 10% monthly returns on Bitcoin investments for 18 months. Operating as a multi-level marketing (MLM) pyramid scheme, the project encouraged people to recruit others in exchange for lucrative commissions.
While the scheme initially paid out returns in Bitcoin, things took a drastic turn in 2017 when investors started receiving MCAP tokens, an in-house cryptocurrency that was significantly devalued. As a result, thousands of investors lost massive amounts of money, making GainBitcoin one of India’s largest crypto frauds.
CBI’s Massive Seizures
During the two-day nationwide crackdown, CBI investigators seized critical evidence that could provide deeper insights into the scam’s financial misappropriation and potential international links. The seizures include:
Cryptocurrency worth ₹23.94 crore
Multiple hardware crypto wallets
121 key documents related to financial transactions
34 laptops and hard disks
12 mobile phones
Data from email accounts and instant messaging apps
The seized electronic devices and documents are currently being analyzed to track how the scam operated and identify any global financial transactions linked to the fraudulent activities.
What’s Next?
The CBI has stated that the investigation is still ongoing, with efforts focused on identifying all individuals involved and recovering stolen assets. Authorities are also looking into the international money trail, as initial reports suggest that a portion of the misappropriated funds may have been transferred abroad.
The GainBitcoin scam is one of India’s most high-profile crypto fraud cases, and the latest action by the CBI is a significant step towards bringing the perpetrators to justice. As more details emerge, investors who fell victim to the scam remain hopeful for some form of financial recovery.
Stay tuned for further updates as the investigation unfolds.
