CBI – Earlybirds Invest https://earlybirdsinvest.com Latest Crypto News Wed, 11 Jun 2025 21:45:35 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.7 https://i0.wp.com/earlybirdsinvest.com/wp-content/uploads/2024/12/cropped-New-Project-2024-12-17T235703.455.png?fit=32%2C32&ssl=1 CBI – Earlybirds Invest https://earlybirdsinvest.com 32 32 240146708 India's CBI Cracks Crypto Scam, Seizes $327,000 in Fraud Raid https://earlybirdsinvest.com/indias-cbi-cracks-crypto-scam-seizes-327000-in-fraud-raid/ https://earlybirdsinvest.com/indias-cbi-cracks-crypto-scam-seizes-327000-in-fraud-raid/#respond Wed, 11 Jun 2025 21:45:34 +0000 https://earlybirdsinvest.com/indias-cbi-cracks-crypto-scam-seizes-327000-in-fraud-raid/

India’s top investigative agency has arrested a man in New Delhi and seized around ₹2.8 crore (about $327,000) in cryptocurrency.

According to a June 11 press release by the Central Bureau of Investigation (CBI), the arrest took place during searches at three locations on June 10, all of which were linked to an online fraud ring targeting individuals in the US and Canada.

The suspect, Rahul Arora, is accused of helping run a scam that tricked people by pretending to be government or tech support workers.

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During the raids, officials found tools used to fake caller ID, devices meant for international calls, software for collecting personal information, and recordings of phone conversations. The team also recovered ₹22 lakh (about $26,400) in cash that had not been declared.

The CBI stated in a press note that these searches were based on solid leads and that they had discovered evidence of a group involved in cyber fraud across countries.

The raids were part of a campaign called Chakra-V, which brings together Indian state cyber units, the Indian Cyber Crime Coordination Centre (I4C), and international groups like Interpol and the FBI. The campaign focuses on finding digital clues, blocking illegal use of cryptocurrencies, and monitoring criminal activity on the dark web.

Officials said they have also made arrangements to store and manage the seized crypto in line with Indian laws. The rules require the assets to be handled while the legal process continues.

On June 9, authorities in Queensland, Australia, arrested four suspects linked to a crypto-related laundering scheme. How did the case unfold? Read the full story.

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]]> https://earlybirdsinvest.com/indias-cbi-cracks-crypto-scam-seizes-327000-in-fraud-raid/feed/ 0 41480 GainBitcoin Scam: CBI Traces $800 Million Fraud Across India https://earlybirdsinvest.com/gainbitcoin-scam-cbi-traces-800-million-fraud-across-india/ https://earlybirdsinvest.com/gainbitcoin-scam-cbi-traces-800-million-fraud-across-india/#respond Wed, 26 Feb 2025 16:37:01 +0000 https://earlybirdsinvest.com/gainbitcoin-scam-cbi-traces-800-million-fraud-across-india/

Indian authorities have intensified their investigation into the GainBitcoin scam, a fraudulent scheme that allegedly duped investors out of ₹6,600 crore (around $800 million).

According to a February 25 statement, the Central Bureau of Investigation (CBI) conducted searches at 60 locations across the country, including Delhi NCR, Pune, Chandigarh, Kolhapur, Nanded, and Bengaluru.

The CBI has consolidated multiple complaints filed in various states, including Maharashtra, Karnataka, Punjab, Delhi, Jammu & Kashmir, and West Bengal, into a single case. The agency stated that its goal is to identify all those involved, recover misappropriated funds, and examine international transactions linked to the scheme.

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Additionally, authorities seized digital evidence such as emails, cloud storage data, and cryptocurrency wallets during the raids.

GainBitcoin was launched in 2015 by Amit Bhardwaj and his brother Ajay Bhardwaj under the company Variabletech Pte. Ltd. The scheme promised investors a 10% monthly return in Bitcoin
BTC


$86,838.40

through “cloud mining contracts”. It operated as a multi-level marketing (MLM) model, where participants earned commissions for bringing in new investors.

Initially, investors received payouts in Bitcoin, but as the scheme started collapsing in 2017, GainBitcoin switched to MCAP, its own cryptocurrency, which had a lower value. This change left many investors unable to recover their money.

In March 2022, the Supreme Court of India ordered Ajay Bhardwaj to disclose access details for his late brother’s cryptocurrency wallets. The court emphasized that this information was key to understanding the full scale of the fraud and tracking the missing funds.

Meanwhile, Norwegian authorities recently charged four men in connection with an $87 million crypto Ponzi scheme. How did the case go? Read the full story.

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