Indian Authorities Seize $190M Linked to BitConnect
Indian authorities have seized almost $190 million in cryptocurrency associated with the BitConnect Ponzi scheme. This marks one of the country’s most significant crypto enforcement actions to date.
The Enforcement Directorate of Ahmedabad conducted raids in Gujarat on February 11 and 15, resulting in the confiscation of digital assets, $15,500 in cash, an SUV, and several electronic devices. The investigation was initiated by the ED after receiving multiple police complaints in Surat.
According to authorities, BitConnect’s founder, Satish Kumbhani, established a global network of promoters, enticing investors with promises of returns as high as 40% per month through a purported “volatility software trading bot.”
However, investigators discovered that the investment funds were never actually traded; instead, they were diverted into digital wallets managed by Kumbhani and his associates.
