The unit against money laundering of India said that it had grasped around 16.5 billion rupees (190 million dollars) of crypto, liquidity and a Lexus car during surveys on surveys The collapse of BitConnect cryptocurrency fraud.
BitConnect, founded in 2016 by Sétah Kumbhani, has collected billions of dollars from investors for a protocol which would claim to have paid 10% of the benefits of interest. The Ponzi program collapsed in 2018 and, in 2023, a California judge ordered that $ 17 million in restitution be paid to the victims.
Kumbhani, an Indian citizen, was charged in the United States and is wanted in India.
The firm’s claims to invest the money “Were a sham, as the accused knew that bitconnect Did not deploy Investor Funds for trading with its purported trading Bot Rather, They Siphone Investors ‘Funds Off for Their Own Benefit, and Their Associates’ Benefit, by The transfer of these funds to digital portfolio addresses controlled by themselves, “said the application of the application (ED) in a press release on Saturday.
A “complex transaction network” through “many cryptographic portfolios” has been used to hide the identity of portfolio owners.
“However, by following numerous web portfolios and by gathering information on the ground, ED was able to zero in portfolios and premises where digital devices containing said cryptocurrencies were available,” he said.
