CBI Summons Gaurav Mehta for Questioning in Gain Bitcoin Ponzi Scam Case

The Central Bureau of Investigation (CBI) has called Gaurav Mehta, an employee of an audit firm, to appear before them urgently. This is in connection with the Rs 6,600-crore Gain Bitcoin ponzi scheme, according to officials. The CBI registered three cases related to this scam last month following Supreme Court orders from the previous year.

The Supreme Court transferred cases against Variable Tech Pvt Ltd nationwide to the CBI in December 2023. The court allowed the CBI to consolidate any FIRs during their investigation. Even if local police have filed chargesheets, the CBI can continue investigating and file additional chargesheets if necessary.

Bitcoin Scam Investigation

Mehta's name emerged after tapes surfaced involving Maharashtra political figures discussing cryptocurrency encashment worth crores. The CBI acted swiftly after the Enforcement Directorate raided Mehta's residence in Chhattisgarh, probing money laundering aspects. Officials are examining all angles of Mehta's alleged involvement and may broaden their investigation scope.

At least 10 FIRs have been lodged by police in various states, including Delhi, against Variable Tech Pvt Ltd and others. They allegedly collected Bitcoins worth around Rs 6,600 crore through a Multi-Level-Marketing scheme, falsely promising a 10 per cent monthly return in cryptocurrency. Bitcoins operate independently of any central bank.

Political Allegations

Mehta's alleged role surfaced when the BJP in Maharashtra played voice notes of NCP SP leader Supriya Sule and Congress chief Nana Patole. They were accused of trying to encash Bitcoins to sway elections. Both Sule and Patole denied these allegations. Maharashtra Assembly elections occurred on Wednesday with the BJP-led Mahayuti alliance facing the Maha Vikas Aghadi coalition.

Former IPS officer Ravindranath Patil, arrested in a 2018 cryptocurrency fraud case by Pune Police, also mentioned Mehta. Patil claimed Mehta shared voice notes on the Signal app involving Sule, Patole, and IPS officers Amitabh Gupta and Bhagyashree Navtake. These notes allegedly discussed Bitcoin transactions influencing elections.

Allegations of Misappropriation

In a complaint emailed to the Election Commission, Patil alleged that hundreds of Bitcoins worth billions might have been used in assembly and Lok Sabha elections. He further claimed that Mehta currently holds misappropriated Bitcoins amounting to hundreds of crores.

The investigation into this complex case continues as authorities delve deeper into these serious allegations. The outcome could have significant implications for those involved and for future regulatory measures concerning cryptocurrency transactions in India.