Supreme court of India grants bail to brothers accused of Bitcoin scam

The supreme court of India has granted bail to Amit Bharadwaj and his brother on Wednesday, 4th April. The brothers were accused of several crore Bitcoin scam. The bail was issued on the state that the accused will have to submit ten crores in the apex court registry.

The lawyer of the Bharadwaj brothers has told that Amit was granted the bail on his health grounds while his brother got the bail because of the virtue of the case. Amit Bhardwaj is now admitted to Apollo hospitals in India as he needs regular dialysis. He was arrested from Bangkok last year.

The accused brothers have requested the highest court of India to associate all the cases together registered against them. The lawyer of the duo has said that the court will be hearing on the matter next on 27th April.

In the meantime, the court of law of Bombay was supposed to hear the Amit Bhardwaj case on 2nd April, but they did not show up for hearing on that day, and the date is now postponed to 22nd April.

The accused brothers have started many Bitcoin mining firms like MCAP, GB miners and Gain Bitcoin. He had promised the investors about 10x return on their investment but did not keep his promise. The investors had to bear huge losses because of this.

This is possibly the highest security bond amount that is to be deposited in any court. It is to be noted that when a court grants bail to a suspect on the basis on bail bond amount, then the accused has to furnish deatails about his immovable properties with proof that is worth the bond amount.

The advocate of the accused has requested the court to reduce the bail bond amount to 2 crores instead of 10 crores. As he found the court is not responding to his request, he increased the amount to 5 crores. But the justice bench said that there should not be any bargain on the amount and the accused has the pay the amount decided by the court.

The court has ordered the petitioner that he has to deposit the bail amount within six months while his brother was released on bail after depositing 1 core to the court.

Cryptocurrency scams are not new in India previously a man was arrested from Mumbai for fooling 12 people for $250,000. Gujrat police had accused five people of running a fraudulent ICO, Bitstrades.

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