CB Books BITCOIN Cheaters


SRINAGAR — The Crime Branch Kashmir has registered a case against the officials of GAINBIT­COIN for cheating the people on the promise of investing their money into its crypto currencies to achieve 180 percent growth in one-and-half year.

The CB had received a com­plaint from aggrieved persons, stating therein that they had purchased BITCOIN worth lakhs of rupees and subsequently one representative of a company “GAINBITCOIN” approached them and promised them that by investing their Bitcoins in the said company they will be repaid 180% in lieu of the Bitcoins they invest. “On this the aggrieved persons invested their earned BITCOINS in the paid GAINBIT­COIN Company and the company promised them to pay 180% in 18 months, in a way 10% of prom­ised amount per month. But the company failed to repay what they had promised,” the CB said.

The investigating agency said that following the “preliminary verification” by Crime Branch Kashmir and during “the course of enquiry, it came to fore that complainants had purchased bit coins from ZEBPAY by invest­ing their hard earned money.” “Thereafter on Manjeet Singh Saho representative of GAINBIT­COIN induced them to invest their Bitcoins in the said company with the assurance that company will return 1.8 Bitcoins in lieu of one Bitcoin in a period of 18 months. Subsequently the complainants opened e-account one wallet (Mobile App) as advised by the company for crediting assured amount in the said accounts. The respective accounts of the com­plainants were credited by the amount as assured by the com­pany with the condition that the amount cannot be withdrawn for a period of six months. After the expiry of 6 months when the time of withdrawal commenced, the said company crashed these wallet accounts and also crushed those websites, thereby cheated the complainants and duped them of their hard earned mon­ey,” the CBI said.

The company GAINBITCOIN was found affiliated and working on the platform of VARIABLETECH PTE Ltd. owned by Amit Bardawaj, Ajay Bardawaj and Mukesh Chandra. They hatched criminal conspiracy with Manjeet Singh Saho to induce the people to in­vest their Bitcoins in their com­pany and then fraudulently and dishonestly grabbed their hard earned money.

“Accordingly, for their criminal acts the said offenders have been booked under relevant sections

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