Petition Says Only 10 of 35 FIRs Were Merged as GainBitcoin Victims Push for Unified SIT Probe
India’s biggest crypto scam has reached an important stage after the Supreme Court asked the Central Government to respond to a petition seeking a Special Investigation Team (SIT) probe. The petition says a single investigation is needed because the GainBitcoin scam allegedly cheated more than one lakh investors across the country.
The case came before a Bench led by Chief Justice Surya Kant along with Justice Joymalya Bagchi and Justice V. Mohana on July 14. The petition was filed by seven founding members of the Bitcoin Investors Protection Society (BIPS), led by Gautam Mahendrakumar Chordia. The group wants all FIRs linked to the scam to be brought under a single investigation.
GainBitcoin Scam Caused Massive Losses
The GainBitcoin scam is believed to have operated between 2015 and 2018. The scheme promised investors a fixed return of 10% every month through Bitcoin cloud mining. Investigators say the money and cryptocurrencies were moved to proxy wallets, foreign accounts, and crypto exchanges instead of being used for mining.
Authorities estimate the scam caused losses of nearly Rs. 20,000 crore and involved more than two lakh Bitcoins. More than one lakh investors across India were affected, making it one of the country’s biggest crypto fraud cases.
Petition Seeks Unified SIT Investigation
The petition says over 35 FIRs have been registered in different states during the past several years. In December 2023, the Supreme Court asked the CBI to combine the cases.
However, the petition claims the agency merged only 10 FIRs, while many others remained separate. State police also slowed their investigations after assuming the CBI would handle every case.
The petitioners have asked for an SIT led by a retired High Court judge. They also want senior officers from the CBI, Enforcement Directorate, the Ministry of Electronics and Information Technology, and blockchain experts to join the investigation.
The proposed team would trace stolen cryptocurrencies, freeze digital assets, investigate shell companies, and submit regular reports to the Supreme Court.
Supreme Court Awaits Government Response
Several key accused are still missing, while investigators continue tracking funds through complex blockchain transactions and foreign accounts. Those challenges have made asset recovery difficult and increased calls for a coordinated investigation.
The Supreme Court’s latest step could become an important turning point in the GainBitcoin scam. A unified SIT probe may help speed up the investigation, improve coordination between agencies, and strengthen efforts to recover investor funds.
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