Woman arrested for running Rs 6,600 crore Bitcoin Ponzi scheme in Mumbai

The Enforcement Directorate (ED) has arrested a woman named Heena Kausar, who is allegedly one of the key promoters of a Bitcoin Ponzi scheme that collected over Rs 6,600 crore from investors across the country. The ED also seized three luxury cars and some jewellery from her residence in Mumbai.

According to the ED, Kausar was associated with a company called GainBitcoin, which was founded by Amit Bhardwaj in 2013. The company lured investors by promising them 10% monthly returns on their Bitcoin deposits for 18 months. The company also offered referral commissions and rewards to the investors who brought in more people to the scheme.

However, the company did not honour its commitments and stopped paying the investors after some time. The company also used a complex web of shell companies and bank accounts to launder the money and evade the authorities. The ED estimated that the company collected around 80,000 Bitcoins, worth over Rs 6,600 crore, from more than one lakh investors.

The ED registered a case against the company and its promoters under the Prevention of Money Laundering Act (PMLA) in 2018, after receiving complaints from several investors. The ED also arrested Amit Bhardwaj and his brother Vivek Bhardwaj, who were the main accused in the case. Amit Bhardwaj died of a cardiac arrest in January 2023, while in judicial custody.

The ED said that Kausar was one of the close associates of Amit Bhardwaj, and played a vital role in the operations of the company. She was also involved in the recruitment and management of the agents and investors of the company. She also received huge commissions and incentives from the company for her services.

The ED said that it has attached assets worth Rs 69 crore in the case so far, and is in the process of identifying and attaching more assets. The ED also said that it is probing the role of other associates and beneficiaries of the company, and will take further action against them.