Bitcoin is a crytocurrency and investors must take necessary precautions before they make an investment.(Bloomberg)
Bitcoin is a crytocurrency and investors must take necessary precautions before they make an investment.(Bloomberg)

Two directors of Bitcoin company arrested for fraud in Pune

The fraudsters allegedly sold the Bitcoins without the consent of the owner, resulting in a loss to the tune Rs 1 crore. The arrested accused have been identified as Amit Bhardwaj and Ajay Bhardwaj, both directors of Gain Bitcoin Company.
Hindustan Times, Pune | By HT Correspondent, Pune
UPDATED ON MAR 18, 2018 02:41 PM IST

Two out of the six fraudsters who have been booked for a Bitcoin fraud by the Nigdi police have been arrested. The fraudsters allegedly sold the Bitcoins without the consent of the owner, resulting in a loss to the tune Rs 1 crore. The arrested accused have been identified as Amit Bhardwaj and Ajay Bhardwaj, both directors of Gain Bitcoin Company.

Nigdi police station in charge Shankar Autade said that the victim was cheated by the fraudsters who sold his Bitcoins without consent.

“We have lodged an offence under the sections of the the prize chits and money circulation schemes (Banning) Act, IT Act and the MPID Act,” said Autade.

Bitcoin is a cryptocurrency and investors must take necessary precautions before they make an investment.

The other accused have been identified as Rupesh Singh, Hemant Chavan, Kaka Ravde and Hemand Suryavanshi. The six accused duped Bhimsen Agarwal (65), a resident of Nigdi. They made him buy Bitcoins worth Rs 1 crore and then sold them online without informing him.

Police have registered a case of cheating against the accused. According to the Nigadi police, since Sept 2016, Agarwal invested an amount to the tune of Rs 1 crore. Agarwal realized that he had been cheated and then filed an FIR at the Nigdi police station.

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