Bitcoin
$63,111.71+3.39%
Ethereum
$3,062.88+3.43%
Binance Coin
$549.22+3.89%
Solana
$139.94+7.53%
XRP
$0.49877090+2.02%
Toncoin
$6.55+9.72%
Dogecoin
$0.15041135+3.80%
Cardano
$0.45579643+4.15%
Shiba Inu
$0.00002258+3.85%
Avalanche
$34.76+5.44%
Wrapped Bitcoin
$63,213.89+5.41%
Tron
$0.10928165+0.16%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
01
DAY
19
HR
25
MIN
51
SEC
Finance

India's Supreme Court Seeks Wallet Info From Suspect in $3.8B GainBitcoin Scam

Ajay Bhardwaj, the brother of Amit Bhardwaj, the primary suspect who is now deceased, has been asked to give his username and password to authorities.

By Amitoj Singh
AccessTimeIconMar 28, 2022 at 10:44 a.m. UTC
Updated May 11, 2023 at 7:15 p.m. UTC
Supreme Court of India (Shuttersock)
Supreme Court of India (Shuttersock)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

India's Supreme Court has asked a key suspect in one of India's biggest bitcoin scams to disclose the username and password of his crypto wallet.

  • India's top court asked Ajay Bhardwaj, the brother of Amit Bhardwaj, another suspect who is deceased, to disclose the information to India's Enforcement Directorate, a government agency that fights financial crime.
  • The GainBitcoin scam is one of India's biggest bitcoin crimes ever. According to court documents, the scam is valued at 80,000 bitcoins, which is worth about Rs 20,000 crore, or $3.8 billion.
  • In a hearing on Monday, Additional Solicitor General Aishwarya Bhati, a government lawyer, said, "This has nothing to do with the legality of cryptocurrency and the username and password is crucial in this matter."
  • The Supreme Court, which is led by Justice DY Chandrachud, asked Bhardwaj to cooperate in the investigation and provide the username and password of his crypto wallet.
  • Deepak Prakash, Ajay Bhardwaj's lawyer, told CoinDesk that his client doesn't know the username and password of his late brother's crypto wallet and said Ajay Bhardwaj himself has an almost unused crypto wallet and will cooperate with authorities.
  • The top court was hearing a petition filed by Ajay Bhardwaj seeking to quash the GainBitcoin case against him. He and his deceased brother, Amit, are alleged to have offered a return of 10% on bitcoin for 18 months.
  • The court also extended interim protection to Ajay Bhardwaj from arrest.
VolumeMuteUnmute

Bitcoin’s Price Is Way Up. And $48 Trillion in Wealth Just Got Access

  • The Sandbox Wants to Make India Its Largest Market Within the Next Two Years
    01:22
    The Sandbox Wants to Make India Its Largest Market Within the Next Two Years
  • How Upcoming Elections Around the World Could Impact the Crypto Industry
    07:47
    How Upcoming Elections Around the World Could Impact the Crypto Industry
  • How Upcoming Elections Around the World Could Impact the Crypto Industry
    07:47
    How Upcoming Elections Around the World Could Impact the Crypto Industry
  • India Won't See Crypto or Web3 Bill for Another 18 Months, Senior Lawmaker Says
    11:40
    India Won't See Crypto or Web3 Bill for Another 18 Months, Senior Lawmaker Says


    • Read more: India's Top Court Queries Government on Crypto, but May Not Expect a Response



    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Amitoj Singh
    Amitoj Singh

    Amitoj Singh is a CoinDesk reporter.

    Follow @amitoj on Twitter

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.