Amit Bhardwaj a Bitcoin Scammer

Amit Bhardwaj Operated Ponzi Scheme under the Veil of BTC Mining
Amit Bhardwaj a Bitcoin Scammer
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Since the BitCoin has attracted a lot of investors and miners from around the world, India is no more an exception. However, lack of proper understanding about the mining concept and genuine companies which provide bitcoin mining, lot of people fall prey into the hands of scammer.

Recently, two more companies, Gainbitcoin which is a cloud mining operation and GBMiners, a China-based mining pool, have been accused of operating ponzi scheme. Founder of both these companies is Amit Bhardwaj.

There are lot of accusations on web which have been posted by hundreds of users explaining the damages his companies have done to them.

Amit K Bhardwaj
Amit K Bhardwaj

A finance student, Zakhil Suresh, who along with his three friends, met Amit Bhardwaj at his Delhi office, has started a petition on change.org for his arrest claiming him a fraud.

Zakhil has mentioned in detail about the way he was conned with this con man and has appealed for his arrest through this petition. It has already attracted a lot of supporters and I deem that soon it will have many more.

Zakhil invested into Bitcoin after meeting Amit and when he tried to withdraw his bitcoin, the website went under maintenance. He tried to follow up with the company directly, but nothing was done. It’s been more than a year and he is still trying to get back his hard-earned money.

Zakhil went on to explain that Amit never showed any concerns about the claims he made, and his emails went unanswered. When he tried to consult the members from Bitcoin community, he gathered more facts about his scam and concluded that his instincts were always correct. Amit Bhardwaj is a fraud.

More about Amit Bhardwaj

If you would explore the Linkedin profile of Amit Bhardwaj, you will find one more name of the alt-coin mining company, which he has started recently. The company is named as AmazeMiners. It started its operation in December 2016. HighKart was a bitcoin based ecommerce company which was closed in early 2016.

According to the stats of Blockchain.info, GBMiners occupies 2.8% of the network hashrate. This gives a clear indication about his scam still operating with leaps and bounds. After so many allegations and claims, he still manages to continue making people fool.

Amit works closely with a few other Bitcoin companies or products. These are CoinBank which is a Bitcoin wallet service and PayBitz which is a Bitcoin payment processor. His name among one of the investors with Satoshi Studios, a hub for blockchain startups within Southeast Asia, is also highlighted at many instances.

In July, he announced to launch an e-book on cryptocurrency. The name of the book is ‘Cryptocurrency for Beginners’. I would suggest him to rename it to ‘running ponzi scheme for beginners’. Jokes apart, we need to give it a serious thought. Do we need someone like Amit Bhardwaj to control our bitcoin future?

Truth about Amit Bhardwaj, running a Ponzi scheme

There is no doubt that most of the companies that starts with an aim to provide bitcoin mining, end up as a ponzi scheme and Amit’s companies fall in the same league. An article from coinjournal mentions:

“GBMiners has made headlines in various media outlets lately due to the bitcoin mining pool accounting for roughly 3 percent of the network hashrate and supporting Bitcoin Unlimited; however, there is a connection between GBMiners and Gainbitcoin, which is a cloud mining operation that is clearly operating as nothing more than a Ponzi scheme. The connection between GainBitcoin and GBMiners is Amit Bhardwaj, who is involved with both projects.”

Similar facts were outlined in an article by Aria Thaker in The Caravan. The story was featured in March where Aria wrote about the interview that he got with Amit Bhardwaj. She said that Amit was contradictory about his views and being evasive, he gave reasons for many doubts that are already in notice. He never made a clear comment about the connection between GBMiners and Gainbitcoin. Neither, he entirely denied the relationship completely. In his casual tone, he affirmed that he lied about the crucial information to the investors.

In his words, “They feel good, right? When they get high information”, when asked about the inflated figures on his website.

Amit Bhardwaj, who claims to be the most knowledgeable bitcoin mining expert, was declared a defaulter in his own India-based entities which he directs. Talking about the ethics, he disobeyed the law by not filing the annual balance sheets with the ministry of corporate affairs.

Factordaily also reported the same facts about him. Can this be a coincidence? Every other forum is charging him for running a Ponzi scheme. I do not think so.

One of the interesting fact about Gainbitcoin is that it guarantees a 10% return on investments per month into their mining scheme. According to Zebpay which is the Bitcoin startup, “cloud-mining companies such as Gainbitcoin, that guarantee fixed returns, are very likely scams.”

After all these buzz about Amit Bhardwaj, it was not shocking to see the tweet by Aria about the new pofiles listed on his website.

She wrote, “GBMiners site now lists 7 new members, none of whom Bhardwaj mentioned to me. None have social-media footprints.”

The Verdict

In India, they are still waiting for a regulation on the Bitcoin as the interest in growing among people and so is the opportunities for the scammers. The government has not decided if it should be made legal in India.

People like Amit Bhardwaj and many others who are trying to stuff their pockets out of the misty and undefined world of cryptocurrency, bitcoin and blockchains, has made it even more necessary to create awareness and regulation from the industry itself and from the outside authority as well.

I would not suggest that Cryptocurrency is a scam, but the people involved in getting the benefits of the technology to your doors, could be. So, choose the solution after researching and understanding every nuance of the field completely.

 

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