Enforcement Directorate arrests Katalyst executive in Bitcoin scam By Investing.com
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MUMBAI – Nikhil Mahajan, an executive of Katalyst Entertainment, has been detained by India’s Enforcement Directorate (ED) due to his alleged involvement in a multi-billion rupee fraud case. The special court in Mumbai has ordered Mahajan to remain in custody until January 25, following his apprehension over connections to a ₹6,606 crore Bitcoin scam.
The scam, which has been linked to Variabletech PTE Ltd and the late Amit Bhardwaj along with his brother Ajay Bhardwaj, operated as a Ponzi scheme that falsely promised investors high returns on their investments. According to the ED, Mahajan played a role in promoting this fraudulent scheme by hosting seminars in Dubai and, as a result, received a payment of 40 Bitcoins for his services.
Investors suffered considerable financial losses as their funds were channeled into opaque online wallets, a common tactic in Ponzi schemes to obscure the flow of money and complicate recovery efforts. The case continues to unfold as the authorities delve deeper into the fraudulent activities associated with the Bhardwaj brothers and their associates.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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© Mundo Crypto PR
MUMBAI – Nikhil Mahajan, an executive of Katalyst Entertainment, has been detained by India’s Enforcement Directorate (ED) due to his alleged involvement in a multi-billion rupee fraud case. The special court in Mumbai has ordered Mahajan to remain in custody until January 25, following his apprehension over connections to a ₹6,606 crore Bitcoin scam.
The scam, which has been linked to Variabletech PTE Ltd and the late Amit Bhardwaj along with his brother Ajay Bhardwaj, operated as a Ponzi scheme that falsely promised investors high returns on their investments. According to the ED, Mahajan played a role in promoting this fraudulent scheme by hosting seminars in Dubai and, as a result, received a payment of 40 Bitcoins for his services.
Investors suffered considerable financial losses as their funds were channeled into opaque online wallets, a common tactic in Ponzi schemes to obscure the flow of money and complicate recovery efforts. The case continues to unfold as the authorities delve deeper into the fraudulent activities associated with the Bhardwaj brothers and their associates.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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