The key defendant in an exceedingly multicrore cryptocurrency scam, Amit Bhardwaj, has filed a petition with the Supreme Court (SC) seeking all 12 cases against him to be clubbed and a transfer of the investigation to a government agency in Delhi.In his petition, he has additionally wanted bail, claiming that there's an absence of medical care facilities inside jails and his health has deteriorated which could kill him if he doesn’t get correct medical attention.

Bhardwaj has 12 FIRs registered against him regarding Bitcoin scams that amount to a total of Rs 14.9 crore. Four of those cases are registered within the national capital, one in Chandigarh, one in Kolkata, one in Bengaluru and therefore the rest 5 in Maharashtra, of that 2 are registered in Pune and one in Nanded, Thane and Mumbai, respectively.The Pune sessions court had rejected his bail petition in August 2018, once when Bhardwaj has been shuttling from one jail to a different for the past 9 months and is at present lodged in Chandigarh jail.

Bhardwaj, together with the other defendant, owned an organization known as Variabletech Pte Ltd registered in Singapore. The defendant had promised the investors that they might transfer 10 per cent of the whole number of bitcoins into their bitcoin wallet continuously for 18 months for the purpose of cloud mining of bitcoins.

Initially, Bhardwaj and other defendant credited the promised worth for some months, however gradually stopped crediting the accounts. Once the complainants contacted them and raised queries concerning the same, the fraud clan informed that there was a technical snag of bitcoin mining in China and Singapore and had failed to provide the assured returns.

They later additionally offered to grant another cryptocurrency M-Cap, that they said would give a higher return than the bitcoin. Later on, the defendant stopped responding any phone calls from the investors and that’s once multiple offences of cheating were registered against them from all over the country.

Bhardwaj has expressed in his petition that they provided mining space to people on the basis of lease for a span of 18 months and had started the corporate, Variabletech Pte Ltd, for the same reason. The corporate purchased the domain name www.gainbitcoin.com so as to give users an internet platform for bitcoins and cloud mining.

Furthermore, Bhardwaj in his favour has said that there was no financial transaction between the users and the company of the defendant. The web site also offered investors an choice of network marketing to the users, but there was no compulsion.

As a part of the petition, it had been further expressed that between Apr 2017 and Nov 2017 Bhardwaj created his own cryptocurrency, M-Cap, that is being listed as of currently on cryptocurrency exchanges like CCEX. Since the mining output of Bitcoins fell drastically, as a gesture of goodwill towards the purchasers, he was able to bear a loss on an individual level.

It was additionally expressed by the defendant that the business couldn't sustain owing to the increasing issue of bitcoin mining and was therefore compelled to wrap it up.

Explaining his side, Bhardwaj states that though he has been granted bail by the Delhi and Kolkata courts, he's still not obtaining a good opportunity to defend himself. As there are cases registered against him in different cities too, he currently desires to club the cases to be able to co-ordinate with all the investigative agencies without delay.

Amit Bhardwaj has additionally wanted bail on the lines of medical ailment as he had undergone a renal transplant in 2017 and is an HCV positive patient who needs frequent intake of life saving medicine.

Speaking to Top Market Group, advocate Ameya Dange, who is representing the complainants, said, “Investors are suffering for nearly a year as they're paying the EMIs for the loans that they had taken to take a position in this scheme. He has made all the primary informants as a party within the writ petition and therefore the SC has asked the respondents to file their replies. during this case, the investors will have to suffer mentally and financially once more.”

The next hearing of the petition has been scheduled on Feb 6, 2019.One of the defendant had filed a case too

Pankaj Adlakha, and defendant in the Bitcoin case, has filed a bail application at the Pune sessions court and claimed that he himself had filed a cheating case against Bhardwaj and his brothers before the FIRs against him.

Meanwhile, Pune police have claimed that they have uncovered some suspicious emails and statements of 2 people who said Pankaj had provoked them to get Bitcoin and invest in Bhardwaj’s company.

Speaking to Top Market Group, defence attorney Manas Thakor said, “Police have failed to attach such emails and therefore the statements of the 2 investors within the charge-sheet. Whereas taking transit remand from the Delhi court, Pune police have mentioned the identical reasons however didn't submit proof. Also, Pankaj’s name has not been mentioned within the FIRs registered at Nigdi and Dattawadi police stations. Pankaj never visited Pune and he himself may be a victim as he had endowed Rs 5 lakh in Bhardwaj’s company and has not received any returns. He has currently filed a complaint with the Delhi crime branch.”

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