A bench of Justices DY Chandrachud and Surya Kant directed the accused to cooperate in the investigation and extended his interim protection from arrest till the next date of hearing. The next hearing of the matter will take place after four weeks. The Enforcement Directorate (ED) has registered a money laundering case against Bhardwaj and others on the basis of two FIRs. The ED has said that the investigation revealed that M/s Veriablatech Pvt Ltd, Singapore and its directors Amit Bhardwaj and his brothers Ajay Bhardwaj, Vivek Bhardwaj and their father along with other accused had hatched a criminal conspiracy to cheat people. .
The accused had shown that their firm was involved in cryptocurrency mining and blockchain and had a mining farm in China. He told that the firm buys cloud mining hash power from big vendors by paying them in bitcoin. The ED reported that people were told that they could contract with the firm to buy a small part of the cloud mining space for 18 months and that they would get a 10 percent return per bitcoin during this period.
There have been some cases of frauds involving cryptocurrencies in the past as well. Many of these people had to suffer great losses. Recently, there was a case of Rs 40 crore cryptocurrency fraud in Nagpur, Maharashtra. More than two thousand investors have been targeted in this. In this 11 accused have been arrested. Among them are the main accused, his wife and two associates. He was arrested from Lonavala, Pune. Cases of fraud related to cryptocurrencies have also increased abroad.
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