The CBI has filed a case against Amit and Ajay Bhardwaj in the Maharashtra Bitcoin scam, following ED raids and political allegations involving Supriya Sule and Nana Patole. Full updates here.
Maharashtra Bitcoin Scam: CBI Files Case Against Amit and Ajay Bhardwaj Amid ED Raids
The Maharashtra Bitcoin scam has intensified with significant developments from the Central Bureau of Investigation (CBI), which filed a case against Amit Bhardwaj and Ajay Bhardwaj, key figures in the ongoing cryptocurrency fraud. This latest update comes as the Enforcement Directorate (ED) conducted coordinated raids, and political allegations swirl just ahead of Maharashtra’s crucial elections.
Political Outrage and Allegations
The Bitcoin scam has caused a stir in the political landscape of Maharashtra, particularly as the Bharatiya Janata Party (BJP) has accused Supriya Sule, a leader from the National Congress Party (NCP), and Nana Patole, the Maharashtra Congress chief, of involvement in the cryptocurrency fraud. The allegations come just one day before the state elections, prompting political outrage.
Supriya Sule has since filed a complaint with the Election Commission of India (EC), denying the allegations and calling them politically motivated. However, the accusations have already gained significant media attention, casting a shadow over the election atmosphere.
CBI and ED’s Joint Investigation
The CBI has registered a case against Amit Bhardwaj and Ajay Bhardwaj in connection with the massive Bitcoin Investment Scheme, which defrauded the public. According to the CBI, these individuals, along with others, orchestrated a fraudulent Ponzi scheme that promised investors 10% returns per month in Bitcoins.
Alongside the CBI, the ED has been actively conducting raids to uncover the extent of the fraud. A significant development came when the ED raided the residence of Gaurav Mehta, an employee of Sarathi Associates, who is believed to hold critical information and assets related to the scam. Mehta, also a key witness in the case, has been summoned to join the investigation but has yet to respond.
Details of the Bitcoin Scam
The Bitcoin fraud is said to have started in 2017 with a company named Variable Tech Pvt Ltd, which, along with individuals like Amit Bhardwaj, Ajay Bhardwaj, and their associates, collected funds from investors promising high returns in the form of Bitcoin. The scheme ultimately proved to be a Ponzi scam, and investors were left with substantial losses, amounting to over Rs 6,600 crore.
The ED’s money laundering probe is based on FIRs filed by both the Maharashtra Police and Delhi Police against the accused. The investigation has revealed that many multi-level marketing agents were involved in recruiting investors and collecting funds for the fraudulent investment scheme.
Status of the Investigation
While some of the accused, such as Simpy Bhardwaj, Nitin Gaur, and Nikhil Mahajan, have already been arrested, Amit Bhardwaj and Ajay Bhardwaj remain at large. The ED has seized properties worth Rs 69 crore linked to the fraud.
Two charge sheets have been filed in the case: one in June 2019 and another in February 2024. Authorities are now working to locate the absconding accused and continue investigating the full scope of the scam.
Political Fallout and Allegations of Election Funding
The case took a political turn when former IPS officer Ravindranath Patil alleged that Supriya Sule and Nana Patole were involved in diverting misappropriated Bitcoins from the 2018 fraud to fund the Maharashtra Assembly Elections. Patil’s complaint suggested that Gaurav Mehta may be in possession of the stolen Bitcoins, valued at hundreds of crores, and accused the political figures of using them for election purposes.
These serious allegations have fueled tensions between the BJP and the NCP/Congress ahead of the elections. While the BJP has seized on the opportunity to criticize the opposition, both Sule and Patole have denied any involvement in the scam, with Patole calling the accusations “baseless.”
