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How Amit Bharadwaj did one of the biggest bitcoin fraud?

           The topic covers a bitcoin fraud scheme of india. Amit Bharadwaj did the fraud of about 2000 crore rupees with about 8000 people. Amit bharadwaj started a business,named Gain Bitcoin that was a bitcoin cloud mining business. To know about bitcoin mining please click here. 

How Amit Bharadwaj did one of the biggest bitcoin fraud?

Every bitcoin cloud mining companies have remote mining centres where the expensive hardwares are kept to mine the bitcoins. People pay the bitcoin cloud mining companies and in return of their payment companies give bitcoin to them. Amit bharadwaj told people that he had a bitcoin cloud mining centre in china. He uploaded some pictures of the bitcoin mining centre. He promised to give 0.1 bitcoin for each bitcoin investment in gain bitcoin. It means he promised to pay 10% monthly return. And he kept the contract for 18 months or 1.5 year. So amit bharadwaj promised to give 80% return within his contracted time period as a monthly return of 10%. He told people to pay 1.8 bitcoin for each bitcoin investment in gain bitcoin after the contracted time period.  

Bitcoins as return for each bitcoin investment

= time period* monthly bitcoin number as interest rate or profit

= 18* 0.1 bitcoins

= 1.8 bitcoins

Return 

= {(1.8-1)/1}*100%

= 0.8*100%

= 80%

Exclude his promise of paying 80% interest he escaped directly with investor's fund. Then Maharashtra goverment appointed ED(Enforcement Directorate) to investigate the fraud. He was arrested in delhi airport by pune police. 


        Amit bharadwaj used MLM(multi level marketing) method. He promised to pay good commissions for adding others in this scheme. And people started to add people in this scheme to get commissions. They fell in trap of the scheme with his friend and family members. People of maharastra and kerala affected most for the fraud. Please check the bitcoin scam type and alert from here. Amit bharadwaj started other businesses in bitcoin. They are coinbank wallet,gb mine,amit bharadwaj mining and blockchain research ltd etc. He wrote three books on cryptocurrecy to promote his scheme. The names of his books are cryptocurrency for beginners,cryptocurrency trading and cryptocurrency mining. He promoted his books by advertisements,Shilpa Shetty,Bipasa Basu,Vir Das etc.


          If you have any query related to the fraud please comment below so that the topic can be covered.


Best wishes to invest.



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