Director of firm involved in bitcoin scam held

The director of an online multi-level marketing company and his brother have been arrested from Delhi today in connection with an alleged multi-crore bitcoin ponzi scheme, a senior Pune police officer said.

Amit Bhardwaj, the director of Gainbitcoin, and his brother Vivek Kumar Bhardwaj were arrested a day after the Pune Police picked up seven people in connection with the alleged scam.

"Acting on inputs, a team of the economic offences wing (EOW) and the cyber cell of the Pune Police went to Delhi and arrested the duo," the officer said.

The Bhardwaj brothers, both residents of Delhi, were brought to Pune and were produced before a court, which remanded them in police custody till April 13.

According to the local police, Amit Bhardwaj had set up an online multi-level marketing company through which he allegedly lured investors by promising them handsome returns.

The officer said, "He would promise 10 per cent returns for investing one bitcoin but did not keep his word."