India and Scams, this goes hand in Hand! Just like it happens when a new revolution comes way, a scammer is born.
Recently when the crypto boom came in, it gave birth to Mr. Amit Bharadwaj, the man who thought he could rule but now struggling to even pay his investors. Claims to have bitcoin mining farms, but no one has seen any yet!
The way Amit Bharadwaj thought it could be:
- Started a company Gain Bitcoin and asked people to invest as less as 0.1 BTC and he would invest those in mining of bitcoins and return 0.18 bitcoins in 18 months, so a 10% payout on your investment for 18 months thus 80% profit is what you get.
Sounds fair as bitcoin mining could do wonders and the price movements would add it all up.
Initials payouts were bang on 10%, now after a few months this guy started struggling to pay as he introduced the Multi Level Marketing aspect to it, so now a 5% Direct Referral Incentive and 8% Binary incentive. This fool didn't understand that MLM eats up 40% of your cash flow straight away. So with no product at hand he messed up more.
Now, to tackle this, the guy stopped payout for 2 months saying he is upgrading the network and making gainbitcoin a better place to invest.
- Meanwhile, he launches an ICO as Bitcoin Growth Fund, so MCAP is his new strategy, promising that a MCAP would reach 100$ by November 2017 and blocking 50% of gainbitcoin payouts to MCAP which is still not paid. It says Withdrawal coming soon. This was another strategy to delay things.
Yet Another Jazz, MCAP to migrate to Ethereum network, this was another reason to delay payouts.
Current Scenario: Payouts are to be withdrawn in MCAP tokens, investors are confused.
Most of the investors who have come from the MLM scheme of him do not understand blockchain network and now are stranded to know how to get the payments.
What was promised?
You invest 1 bitcoin and I return 1.8 BTC in 18 months with 0.1 BTC payout every month.
What has happened?
BTC payouts, then a split of 50% BTC and 50% MCAP payouts, now 100% MCAP payouts which still do not constitute to 10% months.
All Jazz, this man has been giving. I hope the Enforcement Directorate of India catches hold of him soon and get the investors money back to them.
Soon Amit Bharadwaj will join the elite club of scammers in India with most of the politicians.