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Amit bhardwaj bitcoin growth fund

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After the meeting, Team Suresh stayed back in Delhi for a day and then returned home. After a discussion, they planned to invest in Bitcoins through GainBitcoin. There will be one contract and five other contracts under the main contract.

Each of them, in turn, have to enroll a set of people and so on. Think of an MLM network as a large pyramid being built out. The persons who benefit most from this structure are the ones towards the top end of the pyramid. The operations at companies such as Amway and Tupperware are structured like MLM networks or variants. Suresh was familiar with the MLM structure at GainBitcoins and his plan was that if they take six accounts and keep one as the primary account and open the other five under the main account, the team will be able to make additional referral income and monthly mining incentives from referral to the main account.

And being an MLM scheme we make direct payment to our upline and not directly to the company. The email with activation kit codes that Suresh received from Amit Bhardwaj FactorDaily has seen screenshots of electronic transfers made to Bhandari. Bhandari responded to a FactorDaily request on Facebook Messenger for comment saying he is on holiday until August According to Suresh, he and his friends had invested in contracts worth 1 BTC each and valid for 18 months.

Also being an MLM scheme, which Suresh says he was aware of it being, they would also receive additional income from referrals. This is the reason for Suresh holding one top account and five other accounts under that so that incentives from the other five accounts will also add up to their returns in the top account. Suresh recalls Bhardwaj promising them three kinds of incomes — mining income, an one-time referral incentive, and a monthly mining bonus from referral accounts — but after a few days he began seeing some disparity between what was promised and what was reflecting in his account.

Sometime in August , Suresh tried making some withdrawals from his GainBitcoin income into his private wallet but was unable to do as the service was down for maintenance. GainBitcoin investors complaining about poor or no customer support on Twitter The transfer status continued to be shown as pending on the dashboard and Suresh decided to ignore this for a while as there was little he thought he could do. Exit Bhandari Towards the end of July , Suresh received a WhatsApp message from Bhandari which said that he had lost trust in Bhardwaj and GainBitcoin, and that he is moving out of the investment.

Suresh continued pinging GainBitcoin support through but to no avail. Finally, in April , Suresh decided to put up a Change. Once the petition was up, he informed Bhardwaj on WhatApp about the petition. The two had a conversation on WhatsApp, that at least in one instance got heated and abusive. Now, here comes the twist: whenever a request is placed in the GainBitcoin system, like in many other systems, a ticket ID for the process is generated and its status is usually displayed.

Sometime after the Change. Strangely, the address of the wallet was different from the wallet address Suresh had provided. The anomalies did not end there. Being part of an open system, it is easy to find the details of transactions or details regarding Bitcoins.

When Suresh checked the Bitcoin wallet to which the company claimed to have transferred the BTC, the transactions never seem to have taken place — the BTC was never transferred to it at all. So if you have the address of a Bitcoin wallet you can check for its balance and details of recent transactions online. As of publishing this story, there were still no transactions on the wallet.

Like we said earlier, we will update this story if and when we hear from them. So, who is Amit Bhardwaj? Bhardwaj, as seen in videos and pictures online, is a wirily built, short man. His face is gaunt, he speaks with a drawl, and he looks like someone who has not slept well. But, there is high intensity lurking beneath the facade.

Ask him an uncomfortable question and you will have him speaking animatedly. Not so subtle in the aura built around him are prominent mentions of his past work before coming into cryptocurrencies. GainBitcoin marketing videos have him working 11 years as a software developer for companies such as Infosys and handling clients such as Boeing and Verizon. In the few videos — posted both by GainBitcoin and people who appear to be close to it — that FactorDaily reviewed, he comes across more as a marketer who tries to impress his audience with references to the blockchain technology behind cryptocurrencies.

The analogies he uses are earthy and the focus is laser-like on just one thing: the returns he offers. After that, if somebody tries to something good, questions are asked. But I am trying to run the company. If that happens, great. If not, no problem. Bhardwaj owns and operates a pool of Bitcoin and cryptocurrency related operations ranging from mining pools to bitcoins payment processing service. Amit Bhardwaj and his group of companies based on public information available GBMiners flywheel GBMiners, which stands for GainBitcoin Miners, is the mining pool and the backbone of the group operated by Bhardwaj.

According to Blockchain. Hashing power is a way to describe the power of a cryptocurrency mining hardware or network. The mining operations take place in China and there are multiple online videos of GainBitcoin investors visiting these mines in China. Most of these videos show an investor walking the viewer through an old warehouse like building with rows of equipment that look like mining hardware stacked next to each other.

In some of the videos, you can also see giant fans being used to cool equipment. Deepak Srivastava, a businessman with a strong activist streak, is sceptical about GBMiners. The origin of GBMiners is somewhat of a mystery. After their disassociation with GBMiners, Darwin Labs returned the funds they had received from Bhardwaj for Satoshi Studios and also removed him from the list of mentors. These investment plans are offered in the form of Bitcoin mining contracts which give out monthly payments in lieu of the investments made.

To onboard users GainBitcoin starts by hosting seminars where attendees are explained about bitcoins and how they can make money through investing in GainBitcoins. Srivastava, the former ICICI Lombard executive, was interested to know more about Bitcoins and as early as in the beginning of attended a few such seminars conducted by GainBitcoin.

He says the messaging was consistently focused on returns — that Bitcoin mining is very profitable and that someone investing in 1 BTC will get 1. At its simplest, a ponzi scheme is one which you borrow from Peter to pay Paul.

The MLM structure deployed to penetrate the market and doubts over whether it is legal in India in the strictest sense of the word has led to, not surprisingly, GainBitcoin headquartered abroad. But what is odd is the overseas registered companies associated with GainBitcoin.

Cross-country corporate holdings are common in businesses today but linkages that are not explained clearly, especially when a business — even if unlisted — is offering unheard of returns has red flags going off in several minds. Srivastava says he was witness to a sharp rise in interest in Bitcoins in general and GainBitcoin in particular during the demonetization period.

He has written to investigating agencies Enforcement Directorate and Central Bureau of Investigation about Bhardwaj and his companies. Bhardwaj, who says he works from Dubai and Singapore, himself acknowledges risk when asked by a prospective investor in the GainBitcoin office on what he the investor would do if GainBitcoin one day suddenly went belly up or disappeared like other MLM companies such as SpeakEasy, Click, and QNet.

In an ICO, similar to an initial share sale or an initial public offering, companies or projects sell crypto tokens in exchange for Bitcoins or other crypto currencies. Srivastava recalls an announcement in the network around April this year when Bhardwaj said that he would start mining other cryptocurrencies also, alongside Bitcoins, and make payouts to GainBitcoin investors in MCAP tokens. According to Srivastava, the team behind MCAP promoted it through mainstream media and other promoted endorsements.

The market price of MCAP has declined gradually even while prices of its underlying cryptocurrencies have risen Not all GainBitcoin investors lost money Complaints and negative comments about GainBitcoin and Bhardwaj can be seen all across social media from supposed investors who claim that they have been cheated or not receiving refunds and payouts. But for every negative comment or complaint against Bhardwaj or GainBitcoin on social media, you will see a barrage of comments in support of the company.

Those posting the messages insist that Bhardwaj is genuine and that they have made money through GainBitcoin and are getting regular payouts. It is not very difficult to get paid positive comments or ratings on the internet today but even naysayers like Suresh and Srivastava agree many of these comments are genuine. I am not saying that every investor is not getting their returns.

In the past, MLM schemes implode when investments from new, incoming investors fail to cover the cost of payouts from earlier investors. How does the law view GainBitcoin? We have tried several times to find the answer to the question whether cryptocurrency MLM investment schemes are legal in India. A similar incident was witnessed in India. Manipulating large swaths of people in order to get your things done is sure must be at considered as an art and we all must agree that Amit Bhardwaj was one of the kind.

Similar to influencers like Che Guevara or Osho he was able to convince a huge number of people into investing in his crypto Ponzi scheme. The scammer taught the people of India the power and potential of Bitcoin and made them invest in his coin named GainBitcoin.

At all of his MLM MVP meets he made sure that his investors got a feeling that they are on the top of the world and no one else is as smart as they are. Guevara and Osho comparison He was repeatedly being compared to Osho and Guevara because he was the one who had introduced Bitcoin to the Indian traders, Investors as well as users. Shivam thakral, CEO at BuyUCoin also agrees to the fact that he was the one, who had helped in scaling up the cryptocurrency business in India.

He considered himself as a cryptocurrency Guru and also started up a number of cryptocurrency companies such as AmazeMiners, GB Miners, GainBitcoin and CoinBank under the parent company Amaze Mining And Blockchain Research Ltd, which were dealing with cryptocurrency mining, wallet, research, and development, and also the MLM schemes.

However, when he received the sufficient investments from his investors he flew away with the money. The irritated investors had filed a number of non-bailable FIRs last year when he was hiding in Dubai. However, he did not respond to any of allegations. On 30th March he faked a heart attack at the Dubai airport and managed to fly off to Bangkok where the Indian police intervened and took him into custody.

He has been under the police custody since March 31st,