Under the terms of the Prevention of Money Laundering Act (PMLA), 2002, the Directorate of Enforcement (ED) detained Smt. Simpy Bhardwaj, also known as Simpy Gaur, on December 17, 2023, in relation to an ongoing investigation into M/s Variable Pvt Ltd and Ors, colloquially known as the Gain Bitcoin Ponzi scheme.
The Delhi Police and Maharashtra Police filed several FIRs against M/s Variable Tech Pte Ltd, Amit, Ajay, Vivek, Smt. Simpy, Mahender, and several MLM agents. These FIRs claimed that the aforementioned individuals had amassed (roughly) Rs. 6600 Crore in Bitcoin from the public under the guise of investments. These FIRs served as the basis for the ED’s investigation.
According to an ED investigation, Smt. Simpy Bhardwaj, also known as Simpy Gaur, her husband Ajay Bhardwaj, and MLM agents actively participated in tricking unsuspecting investors by offering them enormous returns on their investments and defrauding the public through fraud. The ED investigation also showed that Smt. Simpy Gaur was actively involved in creating, hiding, and layering the proceeds of crime. The money made from this scam was transferred to a number of foreign corporations and used to buy properties abroad.
As a result, a search operation was carried out at Smt. Simpy Bhardwaj and Ajay Bhardwaj’s residence. Smt. Simpy Bhardwaj was arrested on December 17, 2023, during a search operation, and on December 18, 2023, she appeared before the Special Judge, PMLA, Mumbai. ED is under the custody of the Honorable Court for eight days, ending on December 26, 2023. Additionally, three cars Mercedes GLS350D and an Audi Q3—as well as incriminating documents and jewellery valued at Rs. 18.91 lakh were seized during the course of the search operation.
Properties totalling Rs. 69 crores have been attached as a result of the ED investigation thus far. Both Ajay and Mahender Bhardwaj, the primary accused, have fled the scene. Additional research is currently being conducted.
