Satish Kumbhani, the creator of BitConnect and a wanted man, has been located in Ahmedabad, which is in the Indian state of Gujurat.
Following an inquiry into cryptocurrency transactions, the Enforcement Directorate was able to confiscate cryptocurrency “assets worth ₹1,646 crore” (~$190 million USD), according to a story published in the Economic Times on February 14.
According to the persons, Kumbhani, 36, will soon be questioned by the ED and is probably going to be arrested. The agency has also issued a “look out circular” against him to make sure he doesn’t leave the country.
I’m going to take a chance and say that Kumbhani is most likely on the run once again if he wasn’t caught by February 14th, when ET’s story was released.
According to the public, the ED will also start returning the profits of crime to the scandal’s victims after seizing cryptocurrency holdings on Wednesday. According to them, they would include foreign people from other nations.
The “lending” Ponzi concept was invented by BitConnect, an MLM cryptocurrency investment fraud. A spectacular $2.4 billion BCC coin fall in 2017 brought the hoax to an end.
In 2022, BitConnect’s creator, Satish Kumbhani (right), was charged in the United States.
Prior to his indictment in the United States, Kumbhani, who has connections to Dubai, was said to have left India. It seems that Kumbhani had been living in secret after sneaking back into India at some time.
Kumbhani’s US criminal case docket has not been updated as of the time of publishing. It’s uncertain whether Indian officials would extradite Kumbhani to the US if he is ever taken into prison.
