The Directorate of Enforcement (ED) has arrested Simpy Bhardwaj, also known as Simpy Gaur, the wife of Ajay Bhardwaj, in connection with an ongoing money laundering investigation. This investigation is linked to GainBitcoin, considered to be the country’s largest crypto ponzi scam, with estimates putting the entire scam at billions of dollars.
Simpy Bhardwaj’s husband, Ajay Bhardwaj, and Mahender Bhardwaj, who are the main accused in this case, managed to evade the police and are currently on the run. It has been revealed that Simpy played a role in helping them escape and even disposed of her mobile phone when she was caught by the ED at her residence.
The Supreme Court recently responded to a petition filed by Ajay Bhardwaj and ordered a CBI investigation into the case. Alongside this, the court instructed the Enforcement Directorate (ED) to continue with its ongoing inquiry under the Prevention of Money Laundering Act (PMLA), 2002.
The Investigation Takes a New Turn
With the mastermind behind the fraud, Amit Bhardwaj, passing away in police custody in 2022, investigations were left open-ended, and the victims seemed to have little hope. However, the recent arrest of Simpy Bhardwaj, the wife of the deceased mastermind’s brother, could provide a fresh lead to the investigation.
Sources close to the matter have revealed that Simpy was involved in managing crypto wallets that held illegally obtained bitcoins from the victims. She played a crucial role in helping her husband and father-in-law, who are key suspects in the multi-billion dollar scam, to escape. Currently, Ajay Bhardwaj is out on bail.
Earlier, the ED had seized properties worth 70 crore INR ($8.4 million) and sought assistance from foreign countries in their investigation into the country’s largest crypto ponzi fraud.
Unveiling the Extent of the Scam
According to official release statements, the ED initiated its investigation based on multiple FIRs filed by the Maharashtra Police and Delhi Police against Variable Tech Pte Ltd, the late Amit Bhardwaj, his friends and family members, and other MLM agents.
It has been alleged that they had collected huge amounts of funds in the form of Bitcoins, approximately worth 20,000 crore INR ($2.4 billion), from victims with false promises of a 10% monthly return in the form of Bitcoins.
The ED investigation has revealed that the proceeds from this scam were transferred to various overseas companies and used to purchase properties abroad. Simpy Bhardwaj played an active role in generating, concealing, and layering the proceeds of crime.
During a search operation conducted under the Prevention of Money Laundering Act (PMLA) at the residence of Simpy and Ajay Bhardwaj, Simpy was arrested. She was then taken to Mumbai on transit remand and produced before the PMLA Special Judge, who granted the ED 8 days of custodial interrogation.
The law enforcement agency has also seized high-end cars, including Mercedes and Audi Q3, and confiscated jewelry worth hundreds of thousands of dollars in cash. The rise of crypto frauds in India highlights the urgent need for proper regulations in the country.
