A massive Bitcoin mining fraud case in India involved a sum of up to $300 million

Amit Bhardwaj, the director and mastermind of a Bitcoin mining company in India, was recently arrested for orchestrating a multi-level marketing scam worth up to $300 million. Under this "scheme", he told investors to invest in Bitcoin with a 10% return. The "contract" was valid for a total of 18 months. Police said Bhardwaj also offered an alternative, promising to provide investors with the convenience of Bitcoin mining hardware, and these investors could mine Bitcoin themselves. However, police said he never gave a return and fled the country. In total, the scam attracted 8,000 people to participate and defrauded a total of $308 million worth of Bitcoin from all over India.