BitConnect co-founder wanted in India, faces mega scam probe anew
Police in Pune, a large city in the southwest of India, have launched an investigation into bitconnect founder Satish kumbani. After an investor made a clear report on the whereabouts of the BTC project investment, kumbani was chased in his country.
According to the report of the local news organization Indian Express, the investor, who is also a lawyer, said that during the period from 2016 to 2021, he lost nearly 220 BTCs (with a use value of about US $5.2 million) through several financial management platforms operated by kumbhani and six other enterprises. This amount includes the reinvestment of 54 BTCs and 166 bitcoins obtained in return for his initial investment.
The report resulted in the submission of the first information report, which means that the case will now be investigated by the organization. Investigators will also find other victims on the premise of gradually finding the perpetrators.
Kumbani founded the bitdog connection agreement in 2016, which has disappeared, and has been operating until 2018, when the agreement was closed due to Ponzi fraud. During the operation period, it is reported that the enterprise paid 10% interest expense with its BCC token. It also has a strong recommendation program that customers can use to get more rewards.
According to the US authorities, the platform fraudulently raised $2.4 billion from fraudulent investors. In February this year, kumbani was charged by the Ministry of justice with the crimes of telecommunication network fraud, joint negotiation to control product prices and international money laundering. If all the charges are found, he will be imprisoned for the maximum of 70 years.
Fraud once again endangers the credibility of the digital currency industry
Since he was sued by the securities and Exchange Commission of the United States (SEC), the authorities have been unable to find him, and stressed that the last place where he was found was in its Chinese nation of India. Previously, the American Stock Exchange Federation reached agreements with some American initiators of bitconnect
The bitconnect case is one of the larger cases in the shocking market. It is not the only deception that has been difficult to solve since the initial sale of coins or the ICO period. The European regional authorities have also strengthened the search scope for the founder of onecoin, ruja ignatova. Onecoin is a digital currency scam that cheated investors of more than $4 billion.
The US Federal Bureau of investigation also issued an arrest warrant for ignatova and listed her as one of the ten most wanted criminals with a reward of US $100000. Her last appearance was in 2017.
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