February 24, 2024

The Enforcement Directorate (ED) has arrested Delhi businessman Nikhil Mahajan, 39, in connection with a money laundering probe into proceeds of crime from a bitcoin-based alleged Ponzi scheme. Singapore-based Variable Tech and its promoters allegedly operated the scheme with estimated proceeds of around ₹6,606 crore.

A special court in Mumbai on Wednesday remanded Mahajan in ED custody. (HT PHOTO) {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}}

People aware of the matter said Mahajan allegedly helped the accused in propagating and promoting the alleged scam by conducting seminars in Dubai to attract investors and allegedly received 40 bitcoins.

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As per current rates, a bitcoin can cost around ₹35 lakh. Bitcoins are not legal tender.

“Nikhil Mahajan, along with co-accused Ajay Bhardwaj, are in continuous possession of the proceeds of crime and are concealing the same. Thus, Nikhil Mahajan is an active participant of the wider conspiracy of this scam and has actively participated in the acquisition of the proceeds of crime and is in continuous enjoyment of the proceeds of crime, “ said a person, requesting anonymity.

A special court in Mumbai on Wednesday remanded Mahajan, who runs an event management firm, in the ED custody a day after his arrest.

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The people cited…

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