Nidec expands India footprint with launch of Orchard hub manufacturing campus in Hubli, Karnataka

Nidec Corporation launched Orchard Hub, a manufacturing campus, in Karnataka. The facility will produce generators, EV components and energy storage systems. Production is set to begin later this year. The company invested $55 million in the project. Orchard Hub is expected to generate over 2,000 jobs. Nidec aims to make the campus carbon-neutral by 2028.

GainBitcoin scam case: CBI seizes cryptocurrencies worth over Rs 23.94 crore

NEW DELHI: The CBI has seized cryptocurrencies worth more than Rs 23.94 crore during its two-day countrywide search operation in the GainBitcoin scam case that concluded on Wednesday, officials said. The central probe agency has also seized multiple hardware crypto wallets, 121 documents, 34 laptops and hard disks, 12 mobile phones and multiple email and instant messaging application dumps, they said. Following the nationwide searches conducted on February 25 and 26 in connection with the GainBitcoin cases, the Central Bureau of Investigation (CBI), using in-house capabilities, has seized significant incriminating evidence and virtual digital assets, further unravelling the extent of the cryptocurrency fraud, a spokesperson said in a statement. The agency has sent the electronic devices for forensic analysis to uncover further details regarding the misappropriation of funds and potential international transactions linked to the scam, the officials said. The CBI launched the search operation at 60 locations in Delhi, Pune, Nanded, Kolhapur, Mumbai, Bengaluru, Chandigarh, Mohali, Jhansi, and Hubli on Tuesday as part of its probe into the scam. The operation concluded on Wednesday. The ponzi scam was perpetrated through a web of platforms, including flagship site www.gainbitcoin.com, was allegedly masterminded by Amit Bhardwaj (now deceased) and his brother Ajay Bhardwaj, the officials said. Launched in 2015, the illicit operation was camouflaged under the facade of Variable Tech Pvt. Ltd, they said. The investors were lured by the offer of a 10 per cent monthly return in Bitcoin over 18 months. They were urged them to purchase the digital currency from external exchanges and deposit it with GainBitcoin through cloud mining contracts, the central agency said. The model followed a multi-level marketing (MLM) structure, commonly associated with pyramid-structured ponzi schemes where payouts are dependent on bringing in new investors, the spokesperson said. In its early days, investors received payouts in Bitcoin, fuelling the illusion of a lucrative venture. However, as the influx of new capital dwindled by 2017, the charade began to crumble. In an attempt to cover up the losses, GainBitcoin unilaterally switched payouts to their alleged in-house cryptocurrency called MCAP, which had significantly less value than Bitcoin, further misleading investors, the statement said. The scale and complexity of the scam resulted in the registration of multiple FIRs across India, from Jammu and Kashmir to Maharashtra and from Delhi to West Bengal. The Supreme Court had handed over the investigation into the case to the CBI due to the expansive nature of the operation and the international ramifications it entailed. The agency has launched a probe to unravel the full extent of the fraudulent activities, identify all implicated parties and trace the misappropriated funds, including those that may have crossed borders.