Woman arrested in Rs 6,600 cr ‘bitcoin ponzi scheme’ crackdown

The Enforcement Directorate (ED) has apprehended Simpy Bhardwaj, also known as Simpy Gaur, and seized three luxury cars along with jewelry in the latest action against the promoters of a ‘bitcoin ponzi scheme.’ Public deposits totaling Rs 6,600 crore were allegedly collected by the scheme. Simpy Bhardwaj was taken into custody on December 17 and produced before a special Prevention of Money Laundering Act (PMLA) court in Mumbai. The ED, investigating the case against Variable Pte Ltd and others, revealed that the scam, known as the ‘Gain Bitcoin Ponzi scheme,’ involved several FIRs filed by the Maharashtra and Delhi Police. The accused, including Simpy Bhardwaj and others, were accused of fraudulently amassing Rs 6,600 crore in Bitcoin from the public under the guise of investment. The investigation found that Simpy Bhardwaj, along with her husband Ajay Bhardwaj and MLM agents, actively enticed innocent investors with promises of substantial returns, leading to widespread fraud. The “proceeds of crime” were allegedly transferred to overseas companies, used to purchase properties abroad, and Simpy Bhardwaj was implicated in the generation, concealment, and layering of these illicit gains, according to the ED. During the raids, three cars, including a Mercedes and an Audi, along with incriminating documents and jewelry worth Rs 18.91 lakh, were seized. Assets worth Rs. 69 crore have been attached in the case thus far. The main accused, Ajay Bhardwaj and Mahender Bhardwaj, are currently missing, according to the ED.