Investigators believe that the GainBitcoin scam may involve up to 600,000 BTC which is worth nearly INR 1 trillion at the current rate.
India’s biggest crypto fraud to date continues to throw up new details, extending the size and scope of the scam even four years after the case first came to light.
Earlier, the police estimated that the GainBitcoin scam involved about 80,000 BTC, but now they suspect the number to be anywhere between 385,000 to 600,000, mediasaid. Even at the current rate, 600,000 BTC is worth over $12 billion, close to INR one trillion. Reports also suggest that the number of people cheated could be 100,000. The police complaints lodged by investors who lost their money in the MLM scheme have increased to 40. So far, the police have detected 60,000 user IDs and email addresses.Flawed Business Model
This multilevel marketing scheme offered a 10% monthly return in bitcoin on BTC investments for 18 months. Investors from India and abroad deposited their BTC in the lure of higher returns. But given the limited number of BTC, it was a flawed business model right from the outset that finally went bust in 2018, leaving a long trail of cheated investors.
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