Simpy Bhardwaj, aka Simpy Gaur, has been arrested on charges related to the Gain BitCoin Ponzi scheme.

Bhardwaj was arrested during a raid in New Delhi on Sunday, December 17th.

As reported by Deccan Herald;

After (Bhardwaj) was produced before a special Prevention of Money Laundering Act (hearing) in Mumbai the next day, the court sent her to ED custody till December 26th.

In addition to arresting Bhardwaj, the ED seized three luxury cars, “some incriminating documents and jewellery worth Rs. 18.91 lakh”.

Bhardwaj is the wife of Ajay Bhardwaj, brother of Gain Bitcoin founder Amit Bhardwaj (right).

Amit Bhardwaj died of cardiac arrest in January 2022.

Gain Bitcoin launched in 2017 and collapsed later the same year. The Bhardwaj family promoted the MLM crypto Ponzi scheme, scamming over 80,000 investors out of millions of dollars.

The ED’s investigation into Gain Bitcoin began in 2018. So far around $6 million has been seized.

Ajay Bhardwaj and Mahender Bhardwaj are both wanted by the ED but remain at large.

 

Update 28th February 2024 – It’s looking like Ajay Bhardwaj is going to let his wife take the rap for GainBitcoin.

As reported by the Free Press Journal, on February 28th a Supplementary Prosecution Complaint under the Prevention of Money Laundering Act was filed against Simpy Bhardwaj.

Accomplices Nitin Gaur, Nikhil Mahajan and Sandeep Kumar have also been charged.

Wanted suspects Ajay Bhardwaj and Mahender Bhardwaj remain at large.