Bitcoin Ponzi Scheme Probe: ED Raids, AI-Generated Tapes Spark Political Controversy
Pune/Mumbai: The Enforcement Directorate (ED) on Wednesday launched a search operation at the Raipur residence of Gaurav Mehta, an employee of an audit firm, as part of an ongoing investigation into a massive ₹6,606 crore money laundering case linked to a bitcoin-based Ponzi scheme allegedly run by Singapore’s Variable Tech Pte Ltd.
Mehta’s name surfaced in audio tapes that were leaked on Tuesday night, raising serious allegations about the involvement of prominent political figures, including NCP leader Supriya Sule and Congress leader Nana Patole, in using bitcoins to fund election campaigns. However, experts have swiftly dismissed the authenticity of the tapes, labeling them as AI-generated fabrications designed to mislead the public.
Both Sule and Patole have vigorously rejected the claims, with Sule filing a defamation notice against BJP spokesperson Sudhanshu Trivedi and former IPS officer Ravindranath Patil. She also lodged a formal complaint with the Election Commission. Patole, too, categorically denied the allegations, stating, “I don’t even understand bitcoin.”
The controversy comes just a day before Maharashtra’s assembly elections, adding fuel to the political fire. Patil, the former IPS officer, had earlier made explosive claims during an investigation, accusing high-ranking officials of siphoning off bitcoins in previous scams. He suggested that these illicit funds were now being channeled into election expenses, citing the leaked audio tapes purportedly featuring Sule and Patole.
Sule quickly dismissed these allegations as part of a “desperate BJP tactic to mislead voters,” while Patole refuted the claims as “baseless,” underscoring his complete lack of knowledge about cryptocurrency.
The ED’s investigation is part of a larger probe into Variable Tech Pte Ltd, a company accused of duping investors by promising high returns on bitcoin mining, only to divert the funds abroad. The company allegedly amassed a whopping ₹6,606 crore through fraudulent schemes, further complicating the ongoing investigations.
The Central Bureau of Investigation (CBI) has also summoned Gaurav Mehta for questioning in Delhi, as directed by the Supreme Court, which ordered oversight of the multi-state Ponzi scam cases to ensure thorough scrutiny.
Experts analyzing the leaked tapes found distinct signs of AI-generated manipulation. The unnatural accents, robotic speech patterns, and mechanical delivery raised red flags, indicating that the tapes were likely fabricated to serve a political agenda rather than reflecting real conversations.
This new development has sparked an intense political debate about the misuse of cryptocurrency in election funding and the integrity of the electoral process. As the ED, CBI, and other agencies continue their investigations, the controversy has placed a spotlight on the intersection of technology, politics, and electoral integrity.
The unfolding situation underscores the growing concerns around the use of emerging technologies, like AI, in influencing public opinion and political campaigns. As the inquiry progresses, both political parties and law enforcement agencies will likely face increasing scrutiny on how they handle such sensitive issues in the lead-up to elections.
