The Indian authority, the Enforcement Directorate, arrested Simpy Bhardwaj in Delhi for approx. Rs. 6,600 crore cryptocurrency scam. She will be under the Enforcement Directorate’s (ED) custody until December 26 under the Prevention of Money Laundering Act.
Delhi resident Simpy Bhardwaj, also known as Simpy Gaur, has collected approximately Rs. 6600 crore in Bitcoin from the public, luring with the great investment opportunity.
ED has started investing after multiple FIRs filed by Maharashtra Police and Delhi Police against M/s Variable Tech Pte Ltd, Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj, and several MLM agents.
The Enforcement Directorate (ED) has accused Bharadwaj and others of defrauding investors through a cloud mining scam. The accused allegedly promised investors unrealistic returns of 10% per Bitcoin for 18 months and fabricated an elaborate cloud mining operation in China, Hong Kong, and Singapore to lure them in.
Investors were told that they could purchase a small part of the cloud mining space (Hash Value) for 18 months through a contract with Variabletech. Simpy is accused of concealing the usage of investors’ funds.
The ED’s investigation is ongoing, and it is not yet clear whether Bharadwaj and others will be charged with any crimes. However, the allegations against them are serious, and if they are found guilty, they could face significant penalties.
