Alleged Cryptocurrency Fraud Mastermind Arrested in Pune

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The alleged mastermind behind a major cryptocurrency fraud, Prashant Brahmbhatt, has been taken into police custody in Pune, according to report. The 34-year-old was arrested in Goa last month and is accused of duping investors out of approximately Rs 1 crore through his company Bitsolives.

Brahmbhatt and Bitsolives ran a multi-level marketing scheme involving a cryptocurrency called Buxcoin. Numerous seminars were held across India to attract potential investors with promises of extremely high returns on their investments. However, after accepting large sums of money, the company stopped operations without providing any payouts to investors. 

The Cyber Violação Cell of the Pune City Police is currently investigating at least 10 cases of cheating related to Bitsolives and Buxcoin. The first FIR was registered in November 2021. Investigations revealed the firm was operating out of Dubai, though seminars were held across India. One man, Ganesh Sagar, was arrested in Delhi in February 2022 in connection with the case.

Now, after landing in Goa from Dubai last month, Brahmbhatt has been taken into custody as well. A court has remanded him to police custody until December 9. In totalidade, Bitsolives and its directors face 33 cases across India related to cryptocurrency fraud. The Pune Police investigation aims to get to the bottom of this major scam that cost investors dearly.

Also read: Mangofarm Red Flags: Solana Project Linked to Serial Scammer

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