ED and CBI Intensify Investigations into Bitcoin Scam Involving Audit Employee Gaurav Mehta

The Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) intensified their investigations into Gaurav Mehta, a suspect in a Bitcoin Ponzi scheme. This action followed allegations by the BJP that Congress and NCP SP leaders were using cryptocurrency to sway Maharashtra assembly elections. Both Supriya Sule of NCP SP and Congress leader Nana Patole dismissed these claims, calling the voice notes released by BJP fake.

Gaurav Mehta, an employee at an audit firm, found himself at the centre of these investigations. The ED conducted searches at his residence in Raipur, while the CBI summoned him for questioning. The CBI had registered three cases related to the Gain Bitcoin Ponzi scheme last month, following a Supreme Court directive issued in December 2023.

Bitcoin Ponzi Scheme Investigations

The ED expanded its money laundering investigation into the crypto Bitcoin assets Ponzi scam. They are examining Mehta's connections with politicians, politically exposed individuals, and bureaucrats. During searches, the ED questioned Mehta, recorded his statement, and seized computers and digital devices.

In April, the ED attached assets worth Rs 98 crore belonging to actor Shilpa Shetty and her husband Raj Kundra as part of this probe. The couple contested this action and received relief from the Bombay High Court. The ED alleged that bitcoins intended for mining were concealed in obscure online wallets by promoters who cheated investors.

Allegations Against Political Leaders

The BJP released audio clips purportedly featuring Baramati MP Supriya Sule and Maharashtra Congress chief Patole. These clips allegedly suggested attempts to use bitcoins for election funding. BJP spokesperson Sudhanshu Trivedi claimed it was evident that MVA would lose the elections.

Sule and Patole strongly denied these allegations, asserting that the voices in the recordings were not theirs. Sule filed complaints with both the Election Commission and the state's cybercrime department against these false accusations. She stated she did not know Gaurav Mehta.

Further Developments in Crypto-Ponzi Case

The ED's investigation into this crypto-ponzi case is based on FIRs from Maharashtra Police and Delhi Police against Variable Tech Pvt Ltd and several individuals including late Amit Bhardwaj. Multi-level marketing agents allegedly collected Rs 6,600 crore in bitcoins from the public in 2017 with false promises of high returns.

Former IPS officer Ravindranath Patil, arrested in a 2018 cryptocurrency fraud case, claimed Mehta provided him with voice notes implicating Sule, Patole, and others. He alleged that hundreds of bitcoins worth billions may have been used in assembly polls and previous Lok Sabha elections.

The Supreme Court transferred cases against Variable Tech Pte Ltd nationwide to the CBI last December. The ED arrested three individuals last year: Simpy Bhardwaj, Nitin Gaur, and Nikhil Mahajan. Main accused Ajay Bhardwaj and Mahendra Bhardwaj remain at large.

Voting for Maharashtra's 288 Assembly seats occurred on Wednesday. The BJP-led Mahayuti alliance faced opposition from the Maha Vikas Agadi coalition comprising NCP SP, Shiv Sena UT, and Congress.