Nikunj Jain

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Nikunj Jain is an Indian entrepreneur and venture capitalist. He had founded now-defunct video microblogging platform frankly.me, [1] which helped in connecting public users with public figures, [2] [3] but it got closed after the pre-series A funding round. [4] [5] [6] He had also co-founded Inoxapps, [7] Zohem, Darwin labs and LedgerFund. [8] He is also investor in multiple startups like Routofy, [9] Tripoto, [10] .. etc.

Microblogging is an online broadcast medium that exists as a specific form of blogging. A micro-blog differs from a traditional blog in that its content is typically smaller in both actual and aggregated file size. Micro-blogs "allow users to exchange small elements of content such as short sentences, individual images, or video links", which may be the major reason for their popularity. These small messages are sometimes called microposts.

Routofy.com is an online travel portal headquartered in New Delhi, India, operated by the parent company Routofy Services Pvt. Ltd. The service compares and combines various travel methods to provide end-to-end connectivity to its users down to the local and less-travelled areas, in one search.

Contents

Arrested for cryptocurrency ponzi scheme

He was arrested by Government of India because of his connection with Amit Bhardwaj's 300 million USD cryptocurrenccy ponzi scheme , through which he had defrauded thousands of people, for a 20% cut. [11] [12] [13] [14] [15] [16] [17] After the arrest, the police also seized 43.225 Bitcoins ($384,269.60), 79.949 Ethereum ($50,403.04), cash worth $49,831 (INR 33 Lakh). A bloomberg profile [18] lists him as a co-founder of GBMiners, which is the company behind the cryptocurrency fraud scheme.

Amit Bhardwaj is an Indian investor known as the founder/CEO of GB Miners.(who allegedly duped thousands of Indian citizens by hatching bitcoin-based Ponzi schemes)

Cryptocurrency digital medium of exchange

A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.

Ponzi scheme Type of financial fraud

A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. The scheme leads victims to believe that profits are coming from product sales or other means, and they remain unaware that other investors are the source of funds. A Ponzi scheme can maintain the illusion of a sustainable business as long as new investors contribute new funds, and as long as most of the investors do not demand full repayment and still believe in the non-existent assets they are purported to own.

Achievements

30 under 30 [19] [20] [21] Forbes Asia 2018: Finance and Venture Capital

Forbes 30 Under 30 is a set of lists issued annually by Forbes magazine and some of its regional editions. The American lists recognize 600 business and industry figures, with 30 selected in twenty industries each. Asia and Europe also each have ten categories for a total of 300 each, while Africa has a single list of 30 people. Forbes hosts associated conferences and a section of its website called 30 Under 30.

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BHIVE

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Furlenco Online furniture rental platform

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References

  1. ↑ "10 offbeat startups that are trying to make it big in India". The Economic Times.
  2. ↑ Sahay, Priyanka. "Video-based Q&A platform Frankly.me raises $600K from Matrix ..." VCCircle.
  3. ↑ Gurung, Yuvraj. "Video Q&A site Frankly.me raises $600k to engage public figures". Tech In Asia.
  4. ↑ Jain, Nikunj. "Why We Decided To Shut Frankly.me Just A Few Weeks After Raising Pre-Series A Round ?". Inc42.
  5. ↑ Konde, Nitin. "Frankly.me Puts Curtains On its Operations". Techstory.
  6. ↑ Pitchiah, Vijaykumar. "Video microblogging platform frankly.me lays off employees". VCCircle.
  7. ↑ Sareen, Pooja. "The Notorious Nikunj Jain of Inoxapps On How He Acquired A Startup To Get His CTO, On Frankly & More". Inc42.
  8. ↑ "LedgerFund's Managing Partners Featured in Forbes 30 Under 30". Chicago Evening Post.
  9. ↑ Sahay, Priyanka. "Travel planning startup Routofy raises funding from Snapdeal co-founders". VCCircle.
  10. ↑ Rai, Anand. "Travel startup Tripoto raises $400K from Outbox Ventures, Palaash Ventures & others". VCCircle.
  11. ↑ Khatri, Bhumika. "Two Startup Founders Arrested In Connection With Amit Bhardwaj's $300 Mn Cryptocurrency Ponzi Scheme". Inc42.
  12. ↑ Vardhan, Jai. "Darwin Labs' founders arrested for links with Amit Bhardwaj in $300 Mn Bitcoin scam". Entrackr.
  13. ↑ More, Archana. "Bhardwaj's 2 engineer partners arrested in cryptocurrency scam". Pune Mirror.
  14. ↑ "2 directors of Delhi firm held in cryptocurrency case". The Times of India.
  15. ↑ Kotharil, Vishwas. "Court extends police custody of two Delhi firm directors till May 2". The Times of India.
  16. ↑ Murali, Anand. "The curious story of Amit Bhardwaj and how he made millionaires and fools of Bitcoin investors". Factor Daily.
  17. ↑ Suprita, Anupam. "Cryptocurrency This Week: Amit Bhardwaj's Bitcoin Fraud Investigation, Delhi High Court's Notice To RBI And More". Inc42.
  18. ↑ "Nikunj Jain : Bloomberg Profile". Bloomber.com.
  19. ↑ "30 Under 30 Asia 2018 : Finance and Venture Capital". Forbes.
  20. ↑ "Forbes Profile : Nash Ventures". Forbes.
  21. ↑ "These founders made it to Forbes 30 under 30; Went Jail after a week". NextBigWhat.
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