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MUMBAI – Nikhil Mahajan, an govt of Katalyst Leisure, has been detained by India’s Enforcement Directorate (ED) on account of his alleged involvement in a multi-billion rupee fraud case. The particular courtroom in Mumbai has ordered Mahajan to stay in custody till January 25, following his apprehension over connections to a ₹6,606 crore Bitcoin rip-off.
The rip-off, which has been linked to Variabletech PTE Ltd and the late Amit Bhardwaj alongside together with his brother Ajay Bhardwaj, operated as a Ponzi scheme that falsely promised traders excessive returns on their investments. In keeping with the ED, Mahajan performed a job in selling this fraudulent scheme by internet hosting seminars in Dubai and, in consequence, acquired a cost of 40 Bitcoins for his providers.
Buyers suffered appreciable monetary losses as their funds have been channeled into opaque on-line wallets, a typical tactic in Ponzi schemes to obscure the movement of cash and complicate restoration efforts. The case continues to unfold because the authorities delve deeper into the fraudulent actions related to the Bhardwaj brothers and their associates.
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