MUMBAI – Catalyst Leisure government Nikhil Mahajan has been detained by India's Enforcement Directorate (ED) for his alleged involvement in a multi-billion rupee fraud case. A particular court docket in Mumbai has ordered Mahajan to be remanded in custody until January 25 over his doable hyperlinks with the Rs 6.66 billion Bitcoin rip-off.

The rip-off was linked to Variabletech PTE Ltd and the late Amit Bhardwaj and his brother Ajay Bhardwaj and was run as a Ponzi scheme that falsely promised buyers excessive returns on their investments. In response to the ED, Mahajan performed a job in facilitating this fraudulent scheme by internet hosting seminars in Dubai, because of which he obtained a fee of 40 Bitcoins for his providers.

Buyers suffered important monetary losses as funds flowed into opaque on-line wallets, a standard tactic of Ponzi schemes that obfuscates the move of funds and complicates assortment efforts. The case continues to unravel as authorities dig deeper into the fraud related to the Bhardwaj brothers and their associates.

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