We already reported that the Indian crypto-entrepreneur Amit Bhardwaj, allegedly a partner for NEXUS GLOBAL’s Crypto-MLM system, and eight others were arrested in Bangkok early April 2018 on the charge of operating the Ponzi scheme GainBitcoin, promising investors a 10% monthly return on their investment. Among the eight arrested earlier, one is Pankaj Adlakha, a motivational speaker, who was also at the seminars. The other suspects were agents that acquired MLM-investors.
The charge is cheating about 8,000 investors of about Rs 20 billion (more than USD 300 million) in Maharashtra, said an ED officer. The move follows the Reserve Bank of India (RBI)’s directive to lenders and payment firms to not deal with cryptocurrencies. The RBI demands that “regulated entities which already provide such services (cryptocurrencies) shall exit the relationship within a specified time”.
