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Facts:  Amit Bhardwaj had incorporated a multi-level marketing scam by luring investors to offer him bitcoins in lieu of higher returns. Amit Bhardwaj introduced a contract valid for 18 months which offering a return of 10%. Amit Bhardwaj also promised to facilitate the bitcoin mining hardware to the investors following which the investors can mine their own bitcoins. Amit Bhardwaj didn’t give returns and fled the country. The Pune police had located Amit Bhardwaj at Bangkok and also arrested seven persons associated with him. He duped more than 8,000 people to the tune of Rs 2,000 crore. [1]

[1] “Bitcoin Rs. 2000 crore fraud”, The Financial Express, April 6th 2018

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