The police conducted multiple raids at different locations across the state and arrested 4 persons.

The Anti-Terror Squad (ATS) of Rajasthan police has unearthed a huge bitcoin scam in the state, with links possibly spread out to other states and even countries.

The busting of scam is seen as one of the biggest action against illegal Bitcoin trade in the country.

The Rajasthan ATS acted after receiving a complaint from a group of people who had invested in companies like monigo.com, and bet2bet.com, which they said promised them good returns on their investment.

The complainants alleged they did not receive any money in return and were instead asked to invest money in another company on the promise of even better returns. This led to suspicion in the minds of the investors.

An FIR has been registered in this connection.

The police conducted multiple raids at different locations across the state and arrested four persons, who are believed to be the main accused. The police said they are interrogating more people with possible connection to the scam. The Anti-Terror Squad is also claiming to have found plenty of evidence which has given them vital leads.

The accused have also been found to be involved in the illegal business of online betting.

"These people have managed an investment of at least Rs 15 crore from the people in Rajasthan alone," said Bhupendra Singh, Director General of the Anti-Terror Squad.

When asked whether similar cases have been discovered in other states, he said, "For now, we only have information about Rajasthan. We do not know about the situation in other states, we are still investigating".

The senior police officer was also asked about the scam's possible links with terror funding. "It is too early to suggest anything of such sort. Investigations are at an early stage," he said.