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GainBitcoin Scam: Mastermind’s wife falls in ED’s trap as multi-agency pursuit intensifies

Inc42 · 2y ago

GainBitcoin Scam: Mastermind’s wife falls in ED’s trap as multi-agency pursuit intensifies

The Enforcement Directorate (ED) has arrested Simpy Bhardwaj, the spouse of Ajay Bhardwaj, a key figure in the GainBitcoin cryptocurrency scam. Simpy Bhardwaj was apprehended for her alleged involvement in enticing investors with false promises of high returns and defrauding the public. This development comes after the Supreme Court ordered the consolidation of all FIRs related to the scam for investigation by the Central Bureau of Investigation (CBI). The ED's ongoing investigation has led to the seizure of assets worth INR 69 crores (approximately $9.3 million) so far. GainBitcoin is known as one of the largest global Ponzi schemes, causing significant financial losses to around 100,000 investors.

Related News

PMLA court summons Raj Kundra after ED chargesheet in GainBitcoin probe

Entrackr

Entrackr · 11d ago

PMLA court summons Raj Kundra after ED chargesheet in GainBitcoin probe

A PMLA court in Mumbai reportedly issued a summons to businessman Raj Kundra after taking cognisance of the agency’s supplementary chargesheet. The Enforcement Directorate (ED) has moved a step forward in its probe into the GainBitcoin cryptocurrency scam. Kundra has been asked to appear before the court on January 19, 2026. The development is part of the ED’s ongoing investigation into the GainBitcoin scheme, a Bitcoin-based Ponzi operation allegedly run by Amit Bhardwaj, who died in January 2022, and his brother Vivek Bhardwaj. The scheme is estimated to have defrauded investors of thousands of crores. The agency has reportedly accused Kundra of being a beneficiary of proceeds generated through the scam. Kundra allegedly received 285 Bitcoins in 2017 from the main accused for setting up a Bitcoin mining operation in Ukraine. However, investigators have reportedly stated that the proposed project did not take off. The agency has further claimed that Kundra failed to furnish wallet addresses or sufficient documentary proof to support his claim that he acted only as a facilitator in the transaction. The ED has reportedly maintained that Kundra exercised control over the Bitcoins, making him a “beneficial owner” under the Prevention of Money Laundering Act. At current market prices, the Bitcoins in question are estimated to be worth over Rs 150 crore. ED had earlier provisionally attached assets worth over Rs 97 crore linked to Kundra, including a residential property in Mumbai and cryptocurrency holdings, as part of the same investigation. Kundra has denied any wrongdoing and has reportedly stated that he was unaware of the fraudulent nature of the GainBitcoin scheme. The court summons marks another key development in the ED’s broader crackdown on crypto-related financial crimes. The GainBitcoin case continues to remain one of India’s largest cryptocurrency fraud probes, with multiple accused and several attachment orders issued over the years.

GainBitcoin scam case: CBI seizes cryptocurrencies worth over Rs 23.94 crore

Economic Times

Economic Times · 10m ago

GainBitcoin scam case: CBI seizes cryptocurrencies worth over Rs 23.94 crore

The CBI seized cryptocurrencies worth over Rs 23.94 crore during an operation targeting the GainBitcoin scam, linked to Amit and Ajay Bhardwaj. The scam, initiated in 2015 through platforms like GainBitcoin, promised investors a 10% monthly Bitcoin return. Operating as a Ponzi scheme, it later switched investor payouts to a less valuable in-house cryptocurrency, MCAP. Extensive investigations have been launched, with multiple electronic devices sent for analysis to identify implicated parties and trace funds.

Microsoft warns of new “Payroll Pirate” scam stealing employees’ direct deposits

Arstechnica

Arstechnica · 3m ago

Microsoft warns of new “Payroll Pirate” scam stealing employees’ direct deposits

Microsoft has issued a warning about the "Payroll Pirate" scam, where attackers take control of employees' HR accounts, like Workday, to divert paychecks to their accounts. The scam involves phishing emails tricking employees into providing login credentials and using adversary-in-the-middle tactics to capture multi-factor authentication codes. The attackers modify payroll settings, redirect payments, and employ email rules to hide security notifications. As a defense, Microsoft advises using FIDO-compliant MFA methods, which are more secure.

Passkey technology is elegant, but it’s most definitely not usable security

Arstechnica

Arstechnica · 1y ago

Passkey technology is elegant, but it’s most definitely not usable security

Passkey technology, though elegant, remains challenging as a user-friendly security solution. While supporting most current platforms, its implementation varies widely, creating a confusing user experience. Despite potential security benefits, issues like complex cross-platform synchronization and reliance on less secure password fallbacks limit its effectiveness. Critics argue that current implementations trap users within specific ecosystems, complicating rather than enhancing security. Until these hurdles are addressed, passkeys cannot yet replace traditional passwords or multi-factor authentication methods.

As spend management space heats up, Brex and Rho turn to AI startups to help power new products

TechCrunch · 2y ago

As spend management space heats up, Brex and Rho turn to AI startups to help power new products

Competition in spend management intensifies as Brex and Rho unveil AI-driven accounts payables solutions. This coincided with Ramp's procurement expansion, showcasing fierce rivalry among companies to cater to customer demand and enhance spending control. Brex's live Payables feature offers advanced spend control with AI-driven accuracy, while Rho's similar capabilities launch later this month. The move underscores the trend of leveraging AI partnerships for improved invoice data extraction and multi-level approval controls.

Delhi HC rejects PIL to remove Kejriwal as Delhi CM

Money Control

Money Control · 1y ago

Delhi HC rejects PIL to remove Kejriwal as Delhi CM

Arvind Kejriwal's wife, Sunita, announced that he would disclose details of the liquor policy case in court on March 28. The Delhi High Court rejected a PIL seeking the removal of Kejriwal as Delhi CM following his arrest by the Enforcement Directorate. The court stated that although there may be practical difficulties, there is no room for legal interference. The plea argued that Kejriwal's continuation as CM would hinder due process of law and disrupt justice. Kejriwal is currently in ED custody and is being presented before a city court. His wife claimed that no money was found during the raids conducted by the probe agency.

EaseMyTrip CEO Nishant Pitti Under ED Scanner in Mahadev App Probe

StartupTalky

StartupTalky · 8m ago

EaseMyTrip CEO Nishant Pitti Under ED Scanner in Mahadev App Probe

EaseMyTrip CEO Nishant Pitti is under investigation by the Enforcement Directorate (ED) for alleged involvement in the Mahadev betting scam. The ED suspects Pitti's collaboration in manipulating stock prices of listed companies using proceeds from illegal betting activities linked to the Mahadev app. The agency retrieved INR 7 lakh from Pitti's residence, deemed as potential proceeds of crime. Despite refuting the allegations, digital evidence reportedly links Pitti to the betting operations.

Fraud victims among top crypto ATM users, Australian regulator says

Economic Times

Economic Times · 6m ago

Fraud victims among top crypto ATM users, Australian regulator says

Australia's financial crimes agency, AUSTRAC, has identified 90 scam victims and potential criminals as major users of crypto ATMs, linking many transactions to fraud. A national operation found many transactions involved victims, not perpetrators. An elderly woman lost over A$430,000 to scams. AUSTRAC recently imposed conditions on crypto ATM providers over compliance issues. The number of machines exceeds 1,800 amid increased regulation on crypto exchanges, including scrutiny of Binance and Blockchain Global.

Maximum-severity GitLab flaw allowing account hijacking under active exploitation

Arstechnica

Arstechnica · 1y ago

Maximum-severity GitLab flaw allowing account hijacking under active exploitation

A critical vulnerability in GitLab software is being actively exploited, according to federal government officials. The vulnerability, known as CVE-2023-7028, allows hackers to hijack GitLab accounts without user interaction, as long as accounts are not configured with multi-factor authentication. The vulnerability, which was disclosed in January, carries a severity rating of 10 out of 10. The US Cybersecurity and Infrastructure Security Agency (CISA) issued a warning and urged users to install the necessary patch. It is important for affected users to enable multi-factor authentication and take steps to secure their systems if they have already been breached.

Indian authorities seize $65 mln of property in Jet Airways fraud case

Reuters · 2y ago

Indian authorities seize $65 mln of property in Jet Airways fraud case

India's financial crime agency, the Enforcement Directorate (ED), has seized properties worth 5.38 billion rupees (nearly $65 million) as part of its investigation into money laundering allegations against Jet Airways and its founder Naresh Goyal. The seized properties include 17 residential and commercial properties in London, Dubai, and India registered under various names, including Goyal, his wife, and son. The ED claims that under Goyal's leadership, the airline funneled funds through professional and consultancy fees to overseas entities and personal expenses.

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