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All the accused in GainBitcoin scam have been granted bail by various courts across the country

The Enforcement Directorate is yet to submit its report to the Supreme Court

Bhardwaj has fulfilled the bail criteria, deposited the required money as directed by the Supreme Court, claimed his lawyer

In response to multiple applications seeking the cancellation of bail to the alleged GaitBitcoin scam mastermind Amit Bhardwaj, the Supreme Court has decided to list the case next week. The victims have asked for the bail cancellation of key accused Amit Bhardwaj and his brother Ajay Bhardwaj, who are claimed to be behind the $300 Mn scam. 

Speaking to Inc42, advocate Deepak Prakash who represents Amit Bhardwaj in this case said, “The Court was adjourned because the Enforcement Directorate is yet to file a status report.”

The interlocutory application of bail cancellation is likely to be heard on Friday (August 6) or Monday (August 9), said Prakash. The Supreme Court, in its order, said,

“Pleadings to be completed within one week from today. List immediately thereafter.”

After months of investigation, Amit Bhardwaj was arrested by Delhi Police on March 30, 2018 and brought to Pune for questioning. In June 2018, Pune Police filed two separate chargesheets against Bhardwaj and eight other accused.

Amit Bhardwaj, the key accused in the Bitcoin Ponzi scheme allegedly worth anywhere from $300 Mn to a whopping $5 Bn, has been out on interim bail since the Supreme Court granted it on April 3.

According to Amit Bhardwaj’s lawyers, he suffers from kidney ailments and needs constant medical supervision. As a result, the Supreme Court, having granted bail on April 3, 2019, in a subsequent April 24 hearing, ruled, “Considering his health condition, we direct exemption from personal appearance in all these Courts and for till the next date of hearing.”

During the interim bail grant, the court had also directed Amit Bhardwaj to mark his presence before Shalimar Bagh Police Station every Monday. The SC had asked Amit Bhardwaj to deposit a personal bond of INR 1 Lakh and INR 10 Cr in the next six months. His brother Vivek Bhardwaj was asked to deposit INR 1 Cr within six months.

While the victims have been accusing Bhardwaj of contempt of court and meeting the bail requirements, his lawyer claimed that the money has been deposited as directed.

It is worth noting that all the accused including GainBitcoin founder Amit Bhardwaj, his father Mahendra Kumar, brother Ajay Bhardwaj and numerous other middlemen such as Rupesh Kumar Singh, Akash Sancheti convinced crypto enthusiasts and asset owners to join the doomed multi-level marketing scheme run by GainBitcoin. They lured investors with the promise of high returns through Bitcoin, and have been granted bail by various courts across the country.

Advocate Ameya Dange who is representing Pune-based Nisha Raisoni and 16 other GainBitcoin investors, who were also victims of the alleged Ponzi scheme stated that due to Covid and the lockdowns in between there have been no developments since the Supreme Court and other courts granted bail to all the accused.