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India law regulators launches search warrant against BitConnect co-founder in crypto ponzi scheme

As per the media report on August 17, Satish Kumbhani, co-founder of the BitConnect a crypto ponzi scheme is currently wanted by the Indian Police.

The case took a turn when a Pune-based lawyer filed a case against Satish, after this Pune Police operating under Indian state government Maharashtra Police launched the search warrant for Satish.

The lawyer’s complaint claims that he has lost nearly 220 Bitcoin or $5.2 million (in INR over 42 crores), due to BitConnect. 

Moreover, the complaint also incorporates the details of the lawyer’s initial investment of 54 BTC, which had given returns of 166 BTC by reportedly using the returns to reinvest on other platforms.

The petitioner noticed that a transaction between him and the suspects occurred between 2016 to June 2021, highlighting six additional individuals supposedly involved in the scam along with Kumbhani.

BitConnect raises over $2.4 billion from inexperienced investors making it one of the biggest scams in the history of the crypto market. BitConnect was launched in February 2016 and the founders vanished with investors money after shutting down the exchange in January 2018.

The US securities and exchange commission (SEC) was unable to find the exact position of the missing co-founder of BitConnect. The SEC found out in late February that Satish’s last known location was in his native country India.

The wrongdoing of BitConnect is not the only one missing, the authorities are also trying to find the scammers of OneCoin.

The creator of OneCoin, Ruja Ignatova is in the top 10 most wanted list of FBI (Federal Bureau of Investigation).

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