Bharadwaj brothers had 82,132 bitcoins
The two are remanded in police custody till May 3 for their involvement in the bitcoin scampune Updated: Apr 28, 2018 16:50 IST
Forensic investigations into the bitcoin case, by the economic offences wing (EOW) and cyber cell of the Pune police, has revealed that the alleged bitcoin scam masterminds Amit Bharadwaj and Vivek Bharadwaj were in possession of 82,132 bitcoins and operated 84,617 user ids. Ujjwala Pawar, the government pleader in the case, made the disclosure before JT Utpat, special judge at the Shivajinagar court on Friday. Following the submission by the government pleader and the defence counsel, Utpat extended the Bharadwaj brothers’ police custody till May 3.
Amit Bharadwaj and his brother Vivek Bharadwaj allegedly cheated more than 8,000 investors to the tune of over ~2,000 crore with a cryptocurrency scheme. They were arrested by the Pune police on April 5 .
Demanding an extension of the police custody, Pawar, said, “There is a need to find out other technical details of the case to unearth the true extent of the magnitude of the scam. The digital evidence collected from the website server, emails, pay wallets and cell phones of the accused has revealed that they operated 84,617 user IDs and were in possession of 82,132 bitcoins.”
Amit Bharadwaj had executed a share purchase agreement worth ~2,000 crore with Delhi-based Rajesh Sateja, out of which Amit gave him ~5 crore as commission. This needs a detailed investigation as well, added Pawar.
“The funds given were a part of the profit earned from the bitcoin scam. Amit utilised this money to enter into a business agreement with Sateja in 2016. Forensic investigation has also revealed that Bharadwaj entered into a memorandum of association for a Virgin Islands-based company,” Pawar said.
Both Amit and Vivek Bharadwaj are being tried in court in connection with the case lodged against them under Sections 406, 420, 409, 120 B of the Indian Penal Code (IPC), the Maharashtra Protection of Interests of Depositors Act (MPID Act), relevant Sections of the Information Technology Act and Section 3 and 4 of the Price Chit Fund and Money Circulation Act (Banning) at the Nigdi police station.
Meanwhile, the other three accused Hemant Chandrakant Bhope (46), Hemant Vishwas Suryavanshi (51) and Pankaj Shrinandkishore Adlakha ( 40) were remanded in police custody till May 5.