’s scam is continuing to unravel to public as a murkier network of scammers stealing nonstop for on a market that promising a huge return on profit.

On June 05, British businessperson Raj Kundra husband of Bollywood actor Shilpa Shetty was questioned by India’s enforcement directorate (ED). He was allegedly involved a scam that saw Amit , founder of bitcoin firm GainBitcoin, reportedly duping investors of around Rs2,000 crore($ million).

What is scam?

It is essentially a Ponzi scheme that affected over 8,000  bitcoin investors . Kingpin is a developer and former Infosys employee who jumped on to the cryptocurrency .

He owns and runs multiple cryptocurrency operations, but his popular , GainBitcoin, is what is the eye of the storm. Founded 2013, GainBitcoin—now apparently shut—operated a multi-level marketing scheme in Cryptocurrency bitcoin investors were promised massive returns on investments, besides bonuses for bringing in other Cryptocurrency investors. At , had around 100,000 Cryptocurrency investors on the network and managed to set up as an expert in the field by writing on cryptocurrencies and procuring celebrity endorsements, by Shetty herself.

Bhardwaj also launched his Cryptocurrency coin (ICO), similar to a public at the stock market, bitcoin-like product named MCAP in 2017.

Soon, ,complaints began pouring in from Cryptocurrency investors who weren’t receiving the promised returns. Unable to the and withdrawing their Cryptocurrency investments, a few of launched an online Change.org campaign against Bhardwaj and his firm in April 2017.

Bhardwaj, though, for Dubai and later for Bangkok. He was arrested in New Delhi in April this . Investigations Bhardwaj’s transactions and the Cryptocurrency scam now on.

What does Raj Kundra have to do this?

Kundra’s popped up after the ED reportedly found links between Bhardwaj and the Match Indian Poker League, a franchise-based poker tournament promoted by the businessman’s , Viaan Industries.

The Briton has denied allegations of helping Bhardwaj launder issue from the Cryptocurrency scam. In a statement to The Times of India newspaper, he said:

This is to clarify that I have no involvement in the whatsoever. I was summoned by the ED merely as a witness. An inquiry is underway and I am cooperating the law enforcement agency as Bhardwaj is an acquaintance and protocol is being followed. Bharadwaj was to buy a team in the poker league and got a contract . But due to non-payment, his contract was terminated. I have come as a witness to the same.

This isn’t the he’s been found in murky waters. In 2013, Kundra, who owned the Indian Premier League cricket team, Rajasthan Royals, was caught in a betting scandal and barred from any cricket-related activities for life.

of the iceberg

These developments come at a the of cryptocurrency scams in the country is on the rise.

Initially, they were carried out at a smaller scale, involving criminals hacking ’ accounts conducting fraudulent transactions. In April, for instance, police officers in the western Indian state of Gujarat were arrested for kidnapping a business person and extorting from him for a value of 200 bitcoins.

But Bhardwaj’s alleged shenanigans have taken matters to another level. And that too India’s cryptocurrency ecosystem has come under increasing scrutiny. The Narendra Modi government and the country’s court  yet to take the last call on the legality of cryptocurrencies in India, as the Reserve Bank of India has made its displeasure with these virtual monies repeatedly.

The uncovering of the massive scam now do the no favors.