Court refuses bail to Delhi man arrested for Bitcoin fraud

CHANDIGARH: The district court here denied bail to a Delhi resident who allegedly cheated a city-based businessman of around Rs 10 crore by promising to invest his money in cryptocurrency Bitcoin.


Police opposed the bail to Sanchit, who goes by his first name, saying that giving the relief to him could hit investigations.

Sanchit and his accomplice, Rakesh Kumar, were arrested from Delhi. They both have direct links with the main accused and were allegedly involved in transferring funds from various fake accounts to those of the company, owned by main accused Amit Bhardwaj. The duo had allegedly developed a computer code for allegedly transferring more than Rs 30 lakh to various accounts of main accused.

Bhardwaj, the owned of Gain Bitcoin, is lodged in a Pune jail. Bhardwaj and his brother Vivek are accused of duping around 8,000 persons of Rs 2,000 crore. Both were earlier arrested by the police from Indira Gandhi airport last year. Both had been lodged in Pune jail since their arrest. As per the police, complainant stated that he had met Bhardwaj thorough a Sector 49 resident at

Dubai

in 2016 and he lured him by offering a high profit if he would buy and invest in bitcoins.

The complainant alleged that when he heard news of Pune police arresting Bhardwaj and others for duping thousands of people, he checked his online account and found that there was no Bitcoin in his account. He then approached the police.