Operation Bitcoin: India Today exposes massive ponzi cryptocurrency schemes

Fuelled by an investor mania over soaring valuation of bitcoins, a number of fraudulent ventures appear to have proliferated across the country's cryptocurrency landscape despite national and international warnings, an India Today investigation has found.

Some of them have been backed by celebrities, some wealthy businessmen but most of them are operating clandestinely out of non-descript foreign Internet domains, the multi-city probe discovered.

The underground business continues to fly right under the radar of India's financial and banking regulators which have issued multiple warnings over digital currencies.