India’s Supreme Court Grants Interim Bail To Suspects In Bitcoin Ponzi Scheme Case

It has recently been reported that the apex court of India, has granted interim bail to two of the key suspects in the Bitcoin-based Ponzi scheme case. The duo are brothers who were accused of running an elaborate Ponzi scheme and fooling credulous investors by offering unrealistically high returns on Bitcoin investments. While Bitcoin is not a Ponzi scheme in itself, it is frequently abused by unscrupulous scamsters for making a quick buck.

The two men who are out on bail are called Amit Bhardwaj and Vivek Bhardwaj. They had been requesting for an interim bail for several months now, from November 2018. Subsequently, Amit Bhardwaj was asked to deposit a whopping sum of 10 crores Indian rupees (equivalent to around 1.5 million dollars) for the purpose of securing a bail.

The two brothers had been arrested by the Indian police all the way back in the first half of 2018, on the 4th of April. They were then accused of duping as many as 8000 investors and siphoning off about 2000 crores Indian rupees (worth around 300 million dollars) via a scheme called GainBitcoin, which had been started all the way back in 2013.

Deepak Prakash, the lawyer representing the defendants, had the following statement to make with regard to the Supreme Court’s decision:

“While Amit Bhardwaj has been granted interim bail based on his health ground, the Supreme Court granted bail to his brother, purely based on the merits of the case.”

The brothers had also appealed to the top court of law to cancel all the 12 cases pending against them across several Indian states. Having only decided upon the interim bail for now, the Supreme Court has deferred a decision on the case cancellation. It is likely to hear the case again on the 27th of April and decide upon that aspect of the brothers’ appeal.

Amit Bhardwaj’s hearing was originally supposed to be held on the 2nd of April but has been now moved to the 22nd of the same month. Nisha Raisoni, the lawyer arguing the case of one of the several petitioners, said that the court was yet to hear the case completely as it had been deferred from the originally scheduled date. Besides the Bhardwaj brothers, the other three accused people: namely, Ayush Varshney, Rupesh Singh and Sanchit, have all been granted interim bail by the Supreme Court for the same case.