In a significant move by the Directorate of Enforcement (ED), Nitin Gaur, the brother-in-law of Ajay Bhardwaj, has been arrested in connection with a massive cryptocurrency scam.
This arrest is part of an ongoing investigation into a Rs 6,606 crore fraud involving M/s Variable Tech Pte Ltd and its promoters, known for the GainBitcoin Ponzi scheme.
Crucial Steps in Money Laundering Probe
The ED’s action, falling under the Prevention of Money Laundering Act (PMLA), comes after a series of FIRs filed by Maharashtra Police and Delhi Police.
These complaints have unraveled a sophisticated scheme, where investors were allegedly duped of large Bitcoin sums, with promises of high monthly returns.
The funds, supposedly for Bitcoin mining operations, were misused, with the perpetrators accused of hiding these assets in untraceable online wallets.
Moreover, the ED’s investigation has revealed Nitin Gaur’s active role in this elaborate scam. He is accused of receiving and concealing criminal proceeds in his cryptocurrency account on Binance, linked to Ajay Bhardwaj’s wallet.
Following a search operation at Gaur’s residence on December 29, he was brought to Mumbai and presented before the PMLA Special Judge, with custody granted until January 6, 2024.
This development marks a critical phase in the investigation, as the ED also targets hawala operators and crypto traders linked to the scam.
With properties worth Rs 69 crore already attached and the main accused still at large, the case continues to unfold, showcasing the ED’s commitment to combating financial crimes in the burgeoning digital currency space.
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