BitConnect, founded in 2016 by Satish Kumbhani, raised billions of dollars from investors for a protocol that purportedly paid out 10% in interest earnings. The Ponzi scheme collapsed in 2018, and in 2023 a California judge ordered $17 million in restitution to be paid to the victims.

Indian authorities seized nearly $190M in crypto tied to the BitConnect Ponzi scheme, intensifying efforts against crypto scams.

Indian authorities have seized nearly $190 million in crypto associated with Bitconnect amid an ongoing investigation into the global Ponzi scheme, which collapsed in 2018. “The Enforcement Directorate (ED),

The Indian Enforcement Directorate confiscated cryptos, $15,570 in cash, a Lexus SUV vehicle in connection with BitConnect Ponzi scheme.

Indian authorities have seized nearly $190 million in cryptocurrency linked to the BitConnect Ponzi scheme, which collapsed in 2018.

Indian authorities seize loot from BitConnect crypto-Ponzi scheme Devices containing crypto wallets tracked online, then in the real world India’s Directorate of Enforcement has found and seized over $200 million of loot it says are the proceeds of the BitConnect crypto-fraud scheme.