India's Directorate of Enforcement seized nearly $190 million worth of cryptocurrency during an investigation into the BitConnect fraud. The agency also recovered cash and a Lexus car. BitConnect founder Satish Kumbhani, who disappeared after a U.S. indictment, is wanted by Indian police.
India's Directorate of Enforcement seized almost $190 million worth of crypto during its BitConnect fraud investigation. BitConnect's founder Satish Kumbhani, an Indian citizen, has been sought by Indian police since 2023 after he disappeared following a U.
S. indictment. India's anti-money laundering unit said it seized about 16.5 billion rupees worth of crypto, some cash and a Lexus car during investigations into the collapse of the BitConnect cryptocurrency fraud. BitConnect, founded in 2016 by Satish Kumbhani, raised billions of dollars from investors for a protocol that purportedly paid out 10% in interest earnings. The Ponzi scheme collapsed in 2018, and in 2023 a California judge ordered The firm's claims to invest the money "were a sham, as the accused knew that BitConnect did not deploy investor funds for trading with its purported Trading Bot rather, they siphoned investors’ funds off for their own benefit, and their associates’ benefit, by transferring those funds to digital wallet addresses controlled by them," the Directorate of Enforcement A "complex web of transactions" through "numerous crypto wallets" was used to hide the identities of the wallets' owners. "However, by tracking numerous web wallets and gathering ground intelligence, ED was able to zero-in-on the wallets and the premises where the digital devices containing said crypto currencies were available," it said.Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
CRYPTOCURRENCY FRAUD BITCONNECT INDIA SEIZURE MONEY LAUNDERING
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