Bitcoin, Bitcoin fraud: 180% return in 18 months? How this bitcoin company defrauded people in J&K

Bitcoin prices neared a lifetime high around $20,000, earlier last year in December.&nbsp | &nbspPhoto Credit:&nbspRepresentative Image

Bitcoin, over the course of last two years, has driven many people towards it because of the unexpected rally in prices. Bitcoin prices neared a lifetime high around $20,000, earlier last year in December. But since then, Bitcoin and many other cryptocurrencies such as ethereum and litecoin, have been under a downward trend. In the last one year, almost all the crypto assets have seen huge value erosion with Bitcoin prices crashing as much as 70 per cent.

Over the time, there have been a number of fraudulent activities in the world in which people have lost their money. Recently, an incident has surfaced in which a number of people have been cheated in Jammu and Kashmir by a private company luring hefty returns. According to a PTI report, the company — Gain Bitcoin — assured a return of 180 per cent in 18 months to the people if they invest their Bitcoins in company.

A group of people have filed a complaint against Gain Bitcoin on Saturday, December 22, 2018, with the Crime Branch mentioning a company representative have asked them about the scheme and promised the aforementioned return, a PTI report said. Following which, many people opened a digital wallet with the company and the accounts of these people were supposed to be credited by the company on a condition that they don’t withdraw the amount for six months, PTI reported citing an unidentified spokesperson.

The company crashed the digital wallets and websites, at the time a repayment and withdrawal of money, PTI report added citing the same spokesperson. In the yet-to-be-investigated case, the cumulative amount which was deposited in the digital wallets have not been identified.

This year itself, Amit Bhardwaj, a Bitcoin fraudster, has been arrested by Pune Police at New Delhi Airport. According to an Indian Express report, Amit Bhardwaj owns Gain Bitcoin. Amit Bhardwaj had duped about 8,000 people involving an amount of Rs 2,000 crore.

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