In a significant development, the Enforcement Directorate (ED) revealed on Tuesday that it has apprehended Simpy Bhardwaj in connection with a massive 'bitcoin ponzi scheme.' The arrest comes following recent raids targeting the promoters of this scheme, where a staggering ₹6,600 crore in public deposits was reportedly collected.

Simpy Bhardwaj, also known as Simpy Gaur, was taken into custody on December 17. After being produced before a special Prevention of Money Laundering Act (PMLA) court in Mumbai the following day, she was remanded to ED custody until December 26, according to an official statement from the agency.

Enforcement

The focus of the investigation is on a company named Variable Pte Ltd and others involved in what is referred to as the 'Gain Bitcoin Ponzi scheme.' The money laundering case originated from multiple First Information Reports (FIRs) filed by the Maharashtra and Delhi Police against the company and its promoters, including Simpy Bhardwaj, Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Mahender Bhardwaj, and several MLM (multi-level marketing) agents.

Allegations outlined in the police complaints suggest that approximately ₹6,600 crore in the form of Bitcoin was collected from the public under the guise of investment. The ED's investigation revealed that Simpy Bhardwaj, along with her husband Ajay Bhardwaj and MLM agents, played an "active role" in enticing innocent investors by promising substantial returns and defrauded the public through fraudulent means.

The ED further alleges that the "proceeds of crime" from this scam were transferred to various overseas companies and used to acquire properties abroad. Simpy Bhardwaj is accused of actively participating in generating, concealing, and layering the proceeds of crime.

During the raids conducted as part of the investigation, three luxury cars, including a Mercedes and an Audi, were seized. Additionally, the ED confiscated "incriminating" documents and jewelry valued at ₹18.91 lakh. As of now, assets worth ₹69 crore have been attached in the case.

Notably, the main accused, Ajay Bhardwaj, and Mahender Bhardwaj are currently reported as missing, according to the ED. The investigation into the bitcoin ponzi scheme and related money laundering activities continues to unfold.

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