{"id":66607,"date":"2022-08-20T09:00:42","date_gmt":"2022-08-20T09:00:42","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=66607"},"modified":"2022-08-20T09:00:42","modified_gmt":"2022-08-20T09:00:42","slug":"indian-police-search-for-bitconnect-founder-after-the-us-indicted-him-for-defrauding-crypto-investors","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=66607","title":{"rendered":"Indian Police Search for Bitconnect Founder After the US Indicted Him for Defrauding Crypto Investors"},"content":{"rendered":"

\"Indian<\/p>\n

The Indian police have launched an investigation into Bitconnect and booked its founder after a bitcoin investor reported being defrauded by the global crypto \u201cPonzi scheme.\u201d According to U.S. authorities, the scheme reached a market capitalization of $3.4 billion at its peak. The founder and his co-conspirators allegedly obtained about $2.4 billion from investors.<\/strong>\n<\/p>\n

Bitconnect\u2019s Founder Wanted by Indian Police<\/h2>\n

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\nThe founder of Bitconnect, one of the most famous fraudulent cryptocurrency investment schemes, is wanted by the Indian police in the city of Pune, Maharashtra, after the U.S. indicted him for defrauding investors.<\/p>\n

The Pune Police launched a probe into the multi-crore crypto scheme and booked its founder, Satish Kumbhani, after a local lawyer lodged a first information report (FIR) on Tuesday. He also named six others involved in the scheme. The lawyer stated in the FIR that he was defrauded for close to 220 bitcoins.<\/p>\n

The Indian police are now searching for the accused but no arrests have been made. They are also investigating whether the same people have defrauded more investors.<\/p>\n

Kumbhani, an Indian national, is already being investigated by the Federal Bureau of Investigation (FBI). The U.S. indicted<\/a> him in February for his role as the founder of the fraudulent crypto scheme. Calling Bitconnect a \u201cglobal Ponzi scheme,\u201d the U.S. Department of Justice (DOJ) described:\n<\/p>\n

\n

Bitconnect is an alleged fraudulent cryptocurrency investment platform that reached a peak market capitalization of $3.4 billion.<\/p>\n<\/blockquote>\n

\nThe Justice Department explained that Kumbhani, 36, of Hemal, India, \u201cmisled investors\u201d about Bitconnect\u2019s lending program. They claimed that it used proprietary technology, namely the \u201cBitconnect Trading Bot\u201d and \u201cVolatility Software\u201d to \u201cgenerate substantial profits and guaranteed returns by using investors\u2019 money to trade on the volatility of cryptocurrency exchange markets.\u201d The authority emphasized:\n<\/p>\n

\n

Bitconnect operated as a Ponzi scheme by paying earlier Bitconnect investors with money from later investors.<\/p>\n<\/blockquote>\n

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\n\u201cIn total, Kumbhani and his co-conspirators obtained approximately $2.4 billion from investors,\u201d the DOJ added.<\/p>\n

What do you think about the Indian police looking for the founder of Bitconnect \u201cPonzi scheme\u201d? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

The Indian police have launched an investigation into Bitconnect and booked its founder after a bitcoin investor reported being defrauded by the global crypto \u201cPonzi scheme.\u201d According to U.S. authorities, the scheme reached a market capitalization of $3.4 billion at its peak. The founder and his co-conspirators allegedly obtained about $2.4 billion from investors. Bitconnect\u2019s […]<\/p>\n","protected":false},"author":2,"featured_media":66608,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"class_list":["post-66607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/66607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=66607"}],"version-history":[{"count":0,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/66607\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/media\/66608"}],"wp:attachment":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=66607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=66607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=66607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}