Indian police have arrested several people associated with the Singapore-based company Variable Tech Pte, accusing one of them of bitcoin fraud. The crypto project managed to receive about 80,000 BTC from investors.
Law enforcement authorities detained 39-year-old businessman Nikhil Mahajan from Delhi on charges of money laundering. The police received complaints that Mahajan was promoting the scam by holding seminars in Dubai to attract investors. One of the victims, who wished to remain anonymous, claims that the promoter acted in conjunction with another accused, Ajay Bhardwaj. Both actively promoted investment in the project and received proceeds from criminal activities, according to the complainants.
The police began investigating Variable Tech back in 2018, based on a large number of complaints from residents of the state of Maharashtra and the city of Delhi. The promoters of Variable Tech lured investors by promising high monthly profits in cryptocurrencies (10% of investments). Thousands of investors lost their savings, which were converted into bitcoins. The accused, law enforcement officers believe, embezzled funds and tried to hide from investors.
A court in Mumbai remanded Mahajan into custody the day after his arrest. The promoter is accused of misappropriation of bitcoins, storage and use of criminal proceeds. In December, businessman Nitin Gaur, son-in-law of Ajay Bhardwaj, the main accused on the run, was arrested in this case. Bhardwaj's wife was also arrested in December.
Law enforcement authorities detained 39-year-old businessman Nikhil Mahajan from Delhi on charges of money laundering. The police received complaints that Mahajan was promoting the scam by holding seminars in Dubai to attract investors. One of the victims, who wished to remain anonymous, claims that the promoter acted in conjunction with another accused, Ajay Bhardwaj. Both actively promoted investment in the project and received proceeds from criminal activities, according to the complainants.
The police began investigating Variable Tech back in 2018, based on a large number of complaints from residents of the state of Maharashtra and the city of Delhi. The promoters of Variable Tech lured investors by promising high monthly profits in cryptocurrencies (10% of investments). Thousands of investors lost their savings, which were converted into bitcoins. The accused, law enforcement officers believe, embezzled funds and tried to hide from investors.
A court in Mumbai remanded Mahajan into custody the day after his arrest. The promoter is accused of misappropriation of bitcoins, storage and use of criminal proceeds. In December, businessman Nitin Gaur, son-in-law of Ajay Bhardwaj, the main accused on the run, was arrested in this case. Bhardwaj's wife was also arrested in December.
