Mumbai, Dec 18 (PTI) A special PMLA court here on Monday remanded a woman to the custody of the Enforcement Directorate till December 26 in a case of cheating people by luring them to invest in Bitcoins for high returns.

The accused, Simpy Bhardwaj, was arrested by the ED in Delhi on December 17.

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She was produced before special PMLA judge, MG Deshpande, on Monday.

The court said materials with ED indicate that the accused along with others had cheated gullible investors after luring them with high returns for Bitcoin investment.

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The ED investigation found that the accused met with various investors and lured them into this ponzy scheme by assuring guaranteed income of 10 per cent every month and promised them as such. The total proceeds of crime involved in this case is Rs 6,606 crore and hard-earned life earnings of several people from all over India, including Maharashtra, have been collected and laundered, the court said.

She (Bhardwaj) and her associates falsely portrayed themselves as leaders in Bitcoin mining in India and claimed to have massive cloud mining set up in China, Hong Kong and Singapore, the probe had revealed.

Those gullible investors with whom she dealt with, as alleged, need to be confronted with her as she is stating something contrary to the record. Apart from this, she is purposely hiding the end use of huge money collected from the investors which ultimately is paralyzing further investigation, the court said.

"Therefore, I am satisfied that the ED officer caused her arrest through women staff on the basis of material in his possession and having reason to believe as referred in the grounds of arrest that she has been guilty of an offence under the PMLA," it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)