Two IIT-ians, Sahil Baghla and Nikunj Jain, founders of Dawin Labs, arrested for links with Amit Bharathwaj, the founder of GainBitcoin, in $300 million bitcoin scam. Amit Bharathwaj is the prime suspect of scam. At the time of seizure police found 43.225 Bitcoins, 79.949 Ethereum and 2.2 million INR.
How they executed scam
The GainBitcoin owned by Amit Bharathwaj allowed the investors to invest their bitcoins and promised them 10% interest for their investment for 18 months. After collection bitcoins from 8000 investers he fled the country. Jain and Bhaghla helped Bharathwaj in this scam and got 20% of profit earned by Bharathwaj'.
