Bitcoin dreams bite dust: Two arrested for duping hundreds in Delhi

“The accused would claim that the BMP coin had a high market value, and induced people to invest in it after their previous scheme did not work out,” a senior police officer said.

The accused would set up a referral network of investors by hosting networking parties at five-star hotels, where potential investors would be given a sales pitch by the other investors.

Two persons have been arrested by the Cyber Special Cell Unit of the Delhi Police for allegedly duping investors by inducing them to invest in their own cryptocurrency and online portal, which they claimed was operated by a US-based company. Police said the two accused have been duping investors since 2016 by offering a 12% return on their investments, which never materialised, prompting a complaint in the matter.

Deepak Jangra (37) and Deepak Malhotra (56), both residents of Haryana’s Sonipat, have been accused of setting up an online portal, http://www.bitmineplus.org, and offering a 12% return to investors. The accused claimed they would mine and trade in bitcoins, and the international trade would help make a profit for the portal.

The accused said they decided to introduce their own cryptocurrency under the name BMP — in violation of RBI guidelines — when the returns from the online portal didn’t materialise. “The accused would claim that the BMP coin had a high market value, and induced people to invest in it after their previous scheme did not work out,” a senior police officer said.

Police are still trying to ascertain the exact number of investors who were defrauded, and claim that a total of 5,000 IDs have been found operating on the website. “They used the concept of multi-level marketing,” DCP (Cyber Special Cell) Anyesh Roy said.

Police said members who joined the scheme were asked to buy bitcoins from different portals or invest in their own portal by cash. Investors were also given bitcoins or cash as a part of their return, and were encouraged to recruit other investors.

The accused would set up a referral network of investors by hosting networking parties at five-star hotels, where potential investors would be given a sales pitch by the other investors.

“This scheme came into vogue in 2016. Initially, investors were offered returns on their investments, which gave confidence to other investors who joined up. But the fact was that the accused were not involved in mining and trading of bitcoins, so the returns stopped,” Roy said.
Later, Deepak Jhangra introduced BMP coin and shifted the investors’ money to the new cryptocurrency.

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“He tried to manipulate prices of the bitcoin but investors lost confidence in his model. After mounting pressure from investors to return the money, Deepak fled his house,” Roy said. After a complaint under sections 406, 420, 120-(B) and 34 of the IPC and section 66 of the IT Act was filed, the accused were arrested on April 11 after a series of raids by a 11-member team led by Additional DCP K P S Malhotra.

They told police that they got the idea to set up the multi-level marketing scam after they saw how ‘gain bitcoin’ was operated. ‘Gain bitcoin’ was the brainchild of Amit Bhardwaj, who offered 10% returns to investors before fleeing to Dubai. He was picked up from Bangkok and arrested by the Pune police recently.

Anand Mohan J

Anand Mohan J is an award-winning Senior Correspondent for The Indian Express, currently leading the bureau’s coverage of Madhya Pradesh. With a career spanning over eight years, he has established himself as a trusted voice at the intersection of law, internal security, and public policy. Based in Bhopal, Anand is widely recognized for his authoritative reporting on Maoist insurgency in Central India. In late 2025, he provided exclusive, ground-level coverage of the historic surrender of the final Maoist cadres in Madhya Pradesh, detailing the backchannel negotiations and the "vacuum of command" that led to the state being declared Maoist-free. Expertise and Reporting Beats Anand’s investigative work is characterized by a "Journalism of Courage" approach, holding institutions accountable through deep-dive analysis of several key sectors: National Security & Counter-Insurgency: He is a primary chronicler of the decline of Naxalism in the Central Indian corridor, documenting the tactical shifts of security forces and the rehabilitation of surrendered cadres. Judiciary & Legal Accountability: Drawing on over four years of experience covering Delhi’s trial courts and the Madhya Pradesh High Court, Anand deconstructs complex legal rulings. He has exposed critical institutional lapses, including custodial safety violations and the misuse of the National Security Act (NSA). Wildlife Conservation (Project Cheetah): Anand is a leading reporter on Project Cheetah at Kuno National Park. He has provided extensive coverage of the biological and administrative hurdles of rewilding Namibian and South African cheetahs, as well as high-profile cases of wildlife trafficking. Public Health & Social Safety: His recent investigative work has uncovered systemic negligence in public services, such as contaminated blood transfusions causing HIV infections in thalassemia patients and the human cost of the fertilizer crisis affecting rural farmers. Professional Background Tenure: Joined The Indian Express in 2017. Locations: Transitioned from the high-pressure Delhi City beat (covering courts, police, and labor issues) to his current role as a regional lead in Madhya Pradesh. Notable Investigations: * Exposed the "digital arrest" scams targeting entrepreneurs. Investigated the Bandhavgarh elephant deaths and the impact of kodo millet fungus on local wildlife. Documented the transition of power and welfare schemes (like Ladli Behna) in Madhya Pradesh governance. Digital & Professional Presence Author Profile: Anand Mohan J at Indian Express Twitter handle: @mohanreports ... Read More

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