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UPDATE GAINBITCOIN CASE: ENFORCEMENT DIRECTORATE REGISTERS MONEY LAUNDERING CASE

We already reported that the Indian crypto-entrepreneur Amit Bhardwaj, allegedly a partner for NEXUS GLOBAL’s Crypto-MLM system,  and eight others were arrested in Bangkok early April 2018 on the charge of operating the Ponzi scheme GainBitcoin, promising investors a 10% monthly return on their investment. Among the eight arrested earlier, one is Pankaj Adlakha, a motivational speaker, who was also at the seminars. The other suspects were agents that acquired MLM-investors.

The Indian Enforcement Directorate (ED) has now officially registered a case against and eight other persons related to the GainBitcoin case under the Prevention of Money Laundering Act.

The charge is cheating about 8,000 investors of about Rs 20 billion (more than USD 300 million) in Maharashtra, said an ED officer. The move follows the (RBI)’s directive to lenders and payment firms to not deal with cryptocurrencies. The RBI demands that “regulated entities which already provide such services (cryptocurrencies) shall exit the relationship within a specified time”.

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