BitConnect crypto scam ringleader tracked to India while authorities seize $190m
1 min read
Wassawassaawasssaaaaaa Bitcomneeeeeect!
Authorities revealed that BitConnect defrauded over 4,000 investors across 95 countries, amassing $2.4 billion before its collapse in 2018.
The US Department of Justice charged Kumbhani in 2022, but he remained a fugitive until Indian authorities recently traced him to Ahmedabad.
Indian authorities have seized nearly $190 million in cryptocurrency linked to the BitConnect Ponzi scheme — one of the country’s largest crypto enforcement actions.
The Enforcement Directorate of Ahmedabad carried out raids in Gujarat on February 11 and 15. The agency confiscated digital assets, $15,500 in cash, an SUV, and multiple electronic devices.
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