Indian Police Launch Probe Into BitConnect Founder Needed By US SEC

The saga of BitConnect, a serious cryptocurrency rip-off scheme, is taking one other twist as one of many BitConnect co-founders is now requisite by the Indian state police.

Satish Kumbhani, an Indian nationwide and the alleged origination father of the crypto Ponzi scheme BitConnect, reportedly turned topic to a brand new police investigation in India, The Indian Categorical reported on Wednesday.

Indian Police Launch Probe Into BitConnect Founder Needed By US SEC

The Pune police, working below the Indian state Maharashtra Police, launched a probe into Kumbhani after a Pune-based attorney filed a grudge claiming that he misplaced about 220 Bitcoin (BTC), or $5.2 million, attributable to BitConnect. The complainant mentioned his authentic funding was 54 BTC, with returns of 166 BTC, which he allegedly used to reinvest into platforms.

The claimant notable that minutes between him and the suspects occurred between 2016 and June 2021, pointing to 6 extra folk allegedly concerned inside the rip-off aboard Kumbhani. No arrests have been made inside the case, the report notes.

BitConnect is likely one of the largest rip-off schemes inside the historical past of crypto, with the Ponzi orchestrators reportedly fraudulently elevating about $2.4 billion from misled traders. Launched in February 2016, BitConnect operated a platform and a digital forex, closing down in January 2021, with founders finally disappearing with traders’ cash.

Regardless of BitConnect taking down operations years in the past, the BitConnect case has been seeing a number of motion just lately, with the Division of Justice charging Kumbhani for orchestrating the BitConnect rip-off scheme in February 2022.

The US Securities and Alternate Fee (SEC) afterwards mentioned the authority was unable to find the lacking BitConnect co-founder. In a court submitting in late February, the SEC notable that Kumbhani’s final recognized location was in his native India.

BitConnect just isn’t the one crypto rip-off whose essential arrangers are now lacking. International prosecutors and government are additionally investigation scams like OneCoin, a $4 billion Ponzi scheme that ceased working in late 2021.

Ruja Ignatova, the Bulgarian-German creator of OneCoin, was made into the ten most requisite listing by the Federal Bureau of Investigation in June 2022. Ignatova, extensively illustrious as “Cryptoqueen” inside the crypto neighborhood, was final seen in 2021.