India, May 15 -- Rs.6.6k cr Bitcoin-based Ponzi scam

MUMBAI: The Enforcement Directorate's investigation into the Rs.6,606 crore bitcoin-based Ponzi scheme operated by Singapore-based Variable Tech Pte Ltd has revealed that the promoters spent up to Rs.1 crore to organise promotional events in Macau and Dubai, while their stated annual income was only Rs.5 lakh- Rs.6 lakh.

The promotional events were allegedly held to lure people into investing in the scheme, in which no investor eventually got any returns, an ED official said. The alleged scam took place between October 2016 and August 2017, where the promoters paid those who organised the promotional events in bitcoins or an equivalent sum as per the rate in 2017, the official added....