$190M in cryptocurrency connected to the BitConnect scam is seized by Indian authorities
$190 million in bitcoin assets connected to the well-known BitConnect Ponzi fraud have been seized by Indian police.
During raids in Gujarat, the Enforcement Directorate seized cash, technological gadgets connected to the scam, digital assets, and an SUV.
Before collapsing in 2018, BitConnect, which was founded in 2016, had scammed more than 4,000 investors in 95 countries, accumulating over $2.4 billion.
Using a fictitious trading bot, founder Satish Kumbhani built a global network of promoters and lured investors with promises of large profits.
Instead of being invested as stated, authorities discovered that investor monies were transferred into digital wallets under the control of Kumbhani and accomplices.