The Indian Supreme Court has reportedly granted interim bail to Amit and Vivek Bharadwaj, two brothers undergoing trial for a $300 million crypto-related fraud case.
A local tech news agency, Inc42 reported the development on April 3 and noted the reason behind the court’s decision to grant the interim bail application first submitted during a November 2018 hearing.
A lawyer representing the brothers reportedly told Inc42,
“While Amit Bhardwaj has been granted interim bail based on his health ground, the Supreme Court granted bail to his brother, purely based on the merits of the case.”
Following the granting of the bail applications, the brothers are also likely to appear in court on April 27 for a hearing on their appeal to move all 12 cases against them in the different Indian states to the Supreme court.
One of such cases in the Mumbai Court involving only Amit Bharadwaj was adjourned to April 22.
It is important to note that the interim bail doesn’t mean that the court case has ended, but only allows for more time before the judge gets the pieces of evidence required to preside over the matter. Besides, one of the bail terms requires that the alleged fraudsters namely, Amit and Vivek deposit the sum of INR 10 crores (appr. $1.45 million) and INR 1 crores (appr. $145,000) respectively.
Nature of the Crime
Amit and Vivek Bharadwaj, as well as three other suspects (Ayush Varshney, Rupesh Singh, and Sanchit), are believed that be the masterminds behind GainBitcoin and other crypto-related schemes sometime in 2013.
The men allegedly promised investors up to 10% returns on their Bitcoin holdings but never delivered. Instead, they reportedly made away with 2,000 crores (approximately $300 million) from 8000 investors and have been under court trial since April 2018.
While their case lingers, two other men, Sahil Baghla And Nikunj Jain of Darwin Labs who allegedly got a 20% cut from the Ponzi scheme has reportedly served eleven months and counting in jail.
In a similar development, Stmarket.co reported last month that Japanese authorities had arrested an 18-year old for $135,000 worth of crypto theft.
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