Indian police launch probe into BitConnect founder wanted by US SEC
Indian police have launched an investigation into BitConnect co-founder Satish Kumbhani months after the US SEC said he had left India.
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The saga of BitConnect, a major cryptocurrency scam, takes another twist as one of the co-founders of BitConnect is now wanted by the Indian State Police.
Satish Kumbhani, an Indian national and the alleged founder of crypto Ponzi scheme BitConnect, has reportedly been the subject of a new police investigation in India, the Indian Express reported on Wednesday.
Pune Police, part of the Indian state of Maharashtra Police, launched an investigation into Kumbhani after a Pune-based lawyer filed a complaint claiming he lost around 220 bitcoins (BTC ), or $5.2 million, due to BitConnect. The plaintiff said his initial investment was 54 BTC, with returns of 166 BTC, which he allegedly used to reinvest in platforms.
The plaintiff noted that transactions between him and the suspects took place between 2016 and June 2021, naming six other people who were allegedly involved in the scam alongside Kumbhani. No arrests have been made in this case, the report notes.
BitConnect is one of the biggest scam schemes in crypto history, with Ponzi schemers allegedly fraudulently collecting around $2.4 billion from misled investors. Launched in February 2016, BitConnect operated a digital currency and platform, shut down in January 2018 as the founders eventually disappeared with investors' money.
Indian police have launched an investigation into BitConnect co-founder Satish Kumbhani months after the US SEC said he had left India.
New
The saga of BitConnect, a major cryptocurrency scam, takes another twist as one of the co-founders of BitConnect is now wanted by the Indian State Police.
Satish Kumbhani, an Indian national and the alleged founder of crypto Ponzi scheme BitConnect, has reportedly been the subject of a new police investigation in India, the Indian Express reported on Wednesday.
Pune Police, part of the Indian state of Maharashtra Police, launched an investigation into Kumbhani after a Pune-based lawyer filed a complaint claiming he lost around 220 bitcoins (BTC ), or $5.2 million, due to BitConnect. The plaintiff said his initial investment was 54 BTC, with returns of 166 BTC, which he allegedly used to reinvest in platforms.
The plaintiff noted that transactions between him and the suspects took place between 2016 and June 2021, naming six other people who were allegedly involved in the scam alongside Kumbhani. No arrests have been made in this case, the report notes.
BitConnect is one of the biggest scam schemes in crypto history, with Ponzi schemers allegedly fraudulently collecting around $2.4 billion from misled investors. Launched in February 2016, BitConnect operated a digital currency and platform, shut down in January 2018 as the founders eventually disappeared with investors' money.
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