Indian authorities raided over 60 locations within the country to investigate the GainBitcoin cryptocurrency scam, involving approximately $75.8 million

ChainCatcher news, according to Bitcoin News, the Central Bureau of Investigation in India is conducting a large-scale investigation into the GainBitcoin cryptocurrency scam, raiding over 60 locations across India, with the case involving approximately $75.8 million.

GainBitcoin was a Ponzi scheme initiated by Amit Bhardwaj (deceased) and his brother Ajay Bhardwaj in 2015, promising investors a monthly return of 10% in Bitcoin through "cloud mining" contracts for a period of 18 months. After starting to collapse in 2017, the payment method was switched from Bitcoin to a lower-value internal token, MCAP.