In a significant development, Nikhil Mahajan, an executive at Katalyst Entertainment, has been apprehended by India’s Enforcement Directorate (ED) on charges related to a multi-billion rupee Bitcoin fraud case. The special court in Mumbai has ordered Mahajan to be held in custody until January 25, following his alleged involvement in a ₹6,606 crore Bitcoin scam.
The fraudulent scheme, intricately connected to Variabletech PTE Ltd and the late Amit Bhardwaj, alongside his brother Ajay Bhardwaj, operated as a Ponzi scheme, falsely luring investors with promises of high returns on their investments. According to the ED, Mahajan actively participated in promoting this deceitful venture by hosting seminars in Dubai and, in return, received a payment of 40 Bitcoins for his services.
Investors have incurred substantial financial losses as their funds were funneled into obscure online wallets, a common tactic employed in Ponzi schemes to veil the money flow and complicate recovery efforts. The investigation into the case is ongoing, with authorities delving deeper into the fraudulent activities associated with the Bhardwaj brothers and their associates. The special court’s decision to keep Mahajan in custody until January 25 underscores the gravity of the allegations and the unfolding complexities surrounding this high-profile Bitcoin fraud case.
