As India still remains uncertain regarding its regulatory framework for digital currency operations, a number of high-profile fraud cases involving Bitcoin have come to light. Police authorities from the Indian State of Chandigarh recently arrested Amit Bharadwaj for his role in a multicrore Bitcoin scam, reports local publication The Indian Express.
According to the Chandigarh police, three investors have lodged a complaint against Amit for duping them of nearly 15 crores. Amit, his younger brother Vivek Bharadwaj, Pankaj Adhlakha, and Hemant Bhope have received arrest warrants from the Tihar jail and will be kept in the Chandigarh police’s custody for four days. The four accused are currently under the interrogation of India’s cyber crime cell.