- Indian authorities have seized nearly $ 190 million in cryptography linked to the BitConnect scam
- The authorities have discovered dark web transfers through many cryptographic portfolios
The application of Indian law has seized About 190 million dollars in cryptocurrency linked to the BitConnect Ponzi program. It is one of the greatest actions in India to fight against cryptographic fraud.
The application of the application (ED) in Ahmedabad seized RS 1 646 Digital currency in the BitConnect scam. The reports indicate that investors have been led to believe that they made secure investments in securities.
Desture the BitConct Crypto Ponton scheme
BitConnect was once a cryptocurrency platform that operated Between 2016 and 2018. He collapsed under allegations to be a Ponzi program. The platform was founded by Satish Kumbhani. BitConnect offered a owner digital currency called BitConnect Coin (BCC) and promised high yields via a loan program.
The platform said it has developed exclusive trading software designed to manage market fluctuations and offer investors monthly profits up to 40%.
Ahmedabad’s law management has started its investigation into the platform due to several police complaints in Surat. The survey revealed a complicated network of transactions in many cryptographic portfolios, to find out who controlled them. Many transfers have crossed the Dark web to hide their tracks.
However, by following various portfolios and using ground information, civil servants were able to draw the wallets and locate the places where the devices holding the digital currency were stored.
Other assets seized by the Indian government
The authorities also confiscated 1.35 million rupees ($ 15,582), a SUV and various electronic gadgets. These assets were linked to people associated with BitConnect.
More than 4,000 investors were frauded in 95 nations, which led to an estimated loss of $ 2.4 billion. The investigation is still underway while the authorities work to discover more details on fraud.
Satisfy Kumbhani was charge In 2022 by the United States Ministry of Justice but remained fugitive until the Indian authorities recently stocked him in Ahmedabad. ED has published a circular of life to prevent its escape and prepares to warn it.
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