India's First Crypto-related Arrest: ED takes into custody Simpy Bhardwaj in Gain Bitcoin Ponzi scheme case

In India's first cryptocurrency-related case, the Enforcement Directorate (ED) conducted search operation at the resident premises of Simpy Bhardwaj aka Simpy Gaur, and Ajay Bhardwaj, in connection with an ongoing investigation in case of M/s Variable Pte Ltd, colloquially called Gain Bitcoin Ponzi scheme.

The ED has taken action under the provisions of the PMLA, 2002. 

During the search, Simpy was placed under arrest and subsequently, she was produced before the Special Judge, PMLA, Mumbai.

The court has granted ED custody till 26.12.2023.

During the search, three cars including Mercedes GLS350D & Audi Q3, incriminating documents, and jewellery worth Rs. 18.91 lakh has been seized.