Indian authorities ramped up investigations into a multi-crore Bitcoin Ponzi scheme on Wednesday, with both the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) focusing their efforts on suspect Gaurav Mehta. The move follows allegations by the Bharatiya Janata Party (BJP) that Congress and NCP (SP) leaders were using cryptocurrency to sway Maharashtra Assembly elections—a claim strongly denied by Congress leader Nana Patole and NCP (SP) leader Supriya Sule, who dismissed the allegations as baseless.
Federal Agencies Zero In on Suspect
Gaurav Mehta, an employee at an audit firm, became the central figure in coordinated actions by the two federal agencies. While the ED conducted searches at Mehta’s residence in Raipur, seizing computers and digital devices, the CBI summoned him to appear for questioning.
The ED disclosed that its investigation into the Gain Bitcoin Ponzi scheme had widened, exploring connections between Mehta and various politicians, bureaucrats, and politically exposed persons.
Crypto Scam with Political Implications
The Gain Bitcoin Ponzi scheme, which first surfaced under scrutiny following a Supreme Court directive in December 2023, has already led to multiple arrests. Amit Bhardwaj, the alleged mastermind behind the scam, purportedly lured investors with promises of high returns through Bitcoin mining. However, the ED alleges that Bhardwaj and his associates diverted the funds, concealing them in obscure online wallets.
Among those implicated is businessman Raj Kundra, who allegedly received 285 bitcoins from Bhardwaj to establish a mining farm in Ukraine. The ED claims these bitcoins were acquired through criminal proceeds from the scam. Kundra, alongside his wife, actress Shilpa Shetty, had assets worth ₹98 crore attached by the agency earlier this year. The couple challenged the move and obtained relief from the Bombay High Court.
Arrests and Seized Assets
The ED has already arrested three individuals—Simpy Bhardwaj, Nitin Gaur, and Nikhil Mahajan—in connection with the case. Meanwhile, key suspects Ajay Bhardwaj and Mahendra Bhardwaj remain at large. The agency has filed two chargesheets so far and attached properties valued at ₹69 crore.
Political Fallout
The BJP’s release of purported voice recordings involving Baramati MP Supriya Sule and Congress leader Nana Patole has further escalated the controversy. Sule and Patole have categorically denied the authenticity of the recordings, describing them as a political ploy.
As investigations deepen, the case underscores the intersection of politics, digital assets, and financial fraud, promising to keep public attention fixed on its developments.
