BitConnect crypto scam ringleader tracked to India while authorities seize $190m

5 months ago 27

India has seized $190 cardinal successful crypto tied to the BitConnect scam.
Authorities uncovered acheronian web transfers and issued a lookout announcement for the scam’s founder.

Indian authorities person seized astir $190 cardinal successful cryptocurrency linked to the BitConnect Ponzi strategy — 1 of the country’s largest crypto enforcement actions.

The Enforcement Directorate of Ahmedabad carried retired raids successful Gujarat connected February 11 and 15. The bureau confiscated integer assets, $15,500 successful cash, an SUV, and aggregate physics devices.

The ED launched its probe pursuing aggregate constabulary complaints successful Surat.

According to officials, BitConnect laminitis Satish Kumbhani created a planetary web of promoters, luring investors with promises of returns arsenic precocious arsenic 40% per period done a expected “volatility bundle trading bot.”

However, investigators recovered that capitalist funds were ne'er traded but alternatively siphoned into integer wallets controlled by Kumbhani and his associates.

Authorities revealed that BitConnect defrauded implicit 4,000 investors crossed 95 countries, amassing $2.4 cardinal earlier its illness successful 2018.

The US Department of Justice charged Kumbhani successful 2022, but helium remained a fugitive until Indian authorities precocious traced him to Ahmedabad.

The ED has issued a lookout circular to forestall his flight and is preparing to instrumentality him into custody.

Investigators accidental galore transactions were routed done the acheronian web to obscure their origins, but forensic tracking helped pinpoint crypto wallets and assets.

With further probes ongoing, the ED is present preparing restitution for victims, including overseas nationals who mislaid wealth successful the scheme.