Indian court grants bail to accused in $300 million Bitcoin Ponzi scheme

05 Apr, 2019
by David Robb
Indian court grants bail to accused in $300 million Bitcoin Ponzi scheme

An Indian man accused of running a Bitcoin-related Ponzi scheme has been granted bail, reports TheNextWeb. Amit Bhardwaj defrauded investors of funds totalling around $300 million.

Bhardwaj was arrested last year in Bangkok, and is facing twelve separate charges, along with his brother. He has been granted bail on health grounds, and was admitted to Apollo Hospital to undergo dialysis treatment.

According to his lawyer Deepak Prakash, "While Amit Bhardwaj has been granted interim bail based on his health ground, the Supreme Court granted bail to his brother, purely based on the merits of the case". A new court date has been set for April 27.

Read more: 4 in India charged with running a "fake" cryptocurrency

Bhardwaj allegedly set up a number of Bitcoin mining firms in order to defraud investors. Inc42 reports that he promised returns of 10% a month for 18 months, for investment in AmazeMiners, GBMiners, and CoinBank, all under a parent company called Amaze Mining And Blockchain Research Ltd, which was registered in Hong Kong. Around 8,000 people were affected by the scheme. 

Read more: Is Bitcoin at $1 million really possible?

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