Arrest in ₹30 Crore GainBitcoin Crypto Fraud Case

TLDR

• Gaurav Mehta arrested for ₹30 crore GainBitcoin scam.
• Over $90 million found in Mehta's TRON wallet.
• Authorities seized crypto assets and forensic tools.

Gaurav Harish Mehta, a 31-year-old software developer from Raipur, has been arrested in connection with a significant crypto fraud case. Mumbai's Economic Offences Wing (EOW) took Mehta into custody for his alleged role in the ₹30 crore GainBitcoin scam, which spanned from 2016 to 2018. His arrest is part of an ongoing investigation into fraudulent activities linked to this crypto scheme.

The GainBitcoin scam involved a multi-level marketing strategy that promised investors high returns. Mehta, who served as a director at M/s Sarath & Associates in Mumbai, was tasked by Pune police to assist with examining seized crypto hardware wallets. Investigations revealed that he allegedly diverted funds by exploiting his access. Notably, $90,19,150.84 was found in his TRONSCAN wallet.

Seized Assets and Investigation Details

The authorities have seized several crypto-related assets, including cryptocurrency from hardware wallets valued at nearly ₹30 crore. Equipment such as laptops, hard disks, and tools potentially used in transactions via VPNs and blockchain obfuscation were also confiscated. These efforts are part of the forensic audit led by the Pune police.

Mehta's TRON holdings, identified during the investigation, comprised more than $90 million in related transactions. The police have initiated an examination to trace potential profit-sharing links, utilizing transaction data from Mehta's TRONSCAN ledger.

Links to Previous Crypto Scams

The GainBitcoin scam is part of a broader pattern of fraudulent activities in the crypto sector, dating back to 2018. Similar cases have occurred worldwide, with incidents involving impersonations, such as Coinbase-related scams that led to arrests in both India and the US, involving $16 million in stolen funds. In the UK, authorities seized 61,000 BTC, valued at £5 billion, during recent money laundering investigations.

Related cryptocurrencies in this case include TRON and assets linked to the GainBitcoin scam. There have been no direct mentions of Ethereum (ETH) or Bitcoin (BTC) involvement. The ongoing investigation is focused on untangling the complex web of transactions associated with the scam.

Ongoing Legal Actions and Audits

The current investigation is concentrated on examining the alleged misuse of funds within the GainBitcoin scheme. Mumbai's EOW and Pune police are spearheading this effort, with no new regulatory or institutional updates reported from international authorities, including the SEC, CFTC, and ESMA.

No statements have been forthcoming from those directly involved, including Mehta and his co-accused. The case continues to develop, and forensic audits are expected to shed further light on the extent and mechanics of the illegal activities undertaken.

The GainBitcoin scam has highlighted the vulnerabilities in cryptocurrency investments, particularly those linked to multi-level marketing schemes.

Mumbai Police Official Statement

Future Implications for Crypto Fraud Prevention

This case, alongside similar international incidents, emphasizes the need for enhanced fraud detection and compliance solutions in the cryptocurrency space. Platforms like TRM Labs offer tools designed to address these challenges, aiming to mitigate risks associated with digital asset transactions.

Analyses, such as those found in reports about future cryptocurrency scams in 2026, underline the importance of proactive measures to prevent emerging threats. With ever-evolving tactics used by fraudsters, the sector's stakeholders are increasingly prioritizing the development and implementation of comprehensive security protocols.