CBI raids 60 sites in $75.8M GainBitcoin crypto scam

The Central Bureau of Investigation (CBI) conducted raids at 60 locations across India on February 25 and 26, 2025, in connection with the INR 6,600 crore (about $75.8 million) GainBitcoin cryptocurrency scam.

The searches targeted properties linked to key accused individuals, their associates, and entities suspected of laundering stolen money in cities including Delhi NCR, Bengaluru, Pune, and Chandigarh.

The CBI seized cryptocurrencies worth Rs 23.94 crore, multiple hardware crypto wallets, 121 documents, 34 laptops or hard disks, 12 mobile phones, and numerous email and instant messaging app dumps.

The seized items are under forensic analysis to uncover further details about misappropriated funds and potential international transactions.

The GainBitcoin scheme, launched in 2015 by Amit Bhardwaj (now deceased) and his brother Ajay Bhardwaj, lured investors with promises of 10% monthly returns in Bitcoin (CRYPTO:BTC) over 18 months.

Investors were encouraged to purchase Bitcoin and invest it with GainBitcoin through "cloud mining" contracts.

"The fraudulent scheme lured investors by promising lucrative returns of 10% monthly in Bitcoin for 18 months. Investors were encouraged to purchase Bitcoin from exchanges and invest them with GainBitcoin through ‘cloud mining’ contracts," the CBI stated.

The scheme initially paid investors in Bitcoin for bringing in new investors, but payouts switched to the in-house crypto token MCAP in 2017, which had significantly less value.

The CBI is committed to continuing the investigation to bring all perpetrators of the "massive cryptocurrency fraud" to justice.

At the time of reporting, the Bitcoin (BTC) price was $84,475.66.