Bitcoin Ponzi Scheme Probe: ED Raids, AI-Generated Tapes Spark Political Controversy
Pune/Mumbai: The Enforcement Directorate (ED) conducted searches on Wednesday at the Raipur premises of Gaurav Mehta, an audit firm employee, as part of an ongoing ₹6,606 crore money laundering investigation tied to a bitcoin-based Ponzi scheme operated by Singapore’s Variable Tech Pte Ltd.
Mehta’s name emerged in audio tapes leaked on Tuesday night, alleging that NCP leader Supriya Sule and Congress leader Nana Patole were involved in using bitcoins for election funding. Experts, however, dismissed the tapes as AI-generated fabrications.
Both Sule and Patole vehemently denied the allegations. Sule filed a defamation notice against BJP spokesperson Sudhanshu Trivedi and former IPS officer Ravindranath Patil and lodged a formal complaint with the Election Commission. Patole also refuted the claims, asserting, “I don’t even understand bitcoin.”
The controversy erupted a day before Maharashtra’s assembly elections, with former IPS officer Patil accusing high-ranking officials of misappropriating bitcoins during an earlier investigation. He alleged these funds were now being used for election expenses, citing audio clips purportedly involving Sule and Patole.
Sule dismissed the allegations as a “desperate BJP tactic to mislead voters,” while Patole called the claims baseless, emphasizing his lack of knowledge about cryptocurrency.
The ED’s investigation stems from multiple cases filed against Variable Tech Pte Ltd, which allegedly collected ₹6,606 crore from investors, promising high returns on bitcoin mining but diverting funds abroad.
The Central Bureau of Investigation (CBI) summoned Gaurav Mehta for questioning in Delhi, following the Supreme Court’s directive to oversee the multi-state Ponzi scam cases.
Experts analyzing the tapes identified AI-generated elements, such as unnatural accents and mechanized speech patterns, suggesting they were fabricated to manipulate public opinion.
This latest development has intensified the political discourse around cryptocurrency misuse and election integrity, as both state and central agencies continue their investigations.
