Home Bitcoin News Bitcoin Scam Crypto Rip-off BitConnect Founder Reportedly Booked in India on Contemporary Fees – Cryptonews

Crypto Rip-off BitConnect Founder Reportedly Booked in India on Contemporary Fees – Cryptonews

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Satish Kumbhani. Supply: a video screenshot, Kalkine Media / YouTube

The authorized woes of Satish Kumbhani, the discredited founding father of crypto rip-off BitConnect, proceed – Indian police have booked him after a lawyer informed the authorities that he had been defrauded out of near BTC 220 (USD 5.2m) via a sequence of scams perpetrated by Kumbhani and others.

Per The Indian Specific, the police in Pune, a metropolis within the western Indian state of Maharashtra, has launched a probe into an alleged crypto fraud and has already booked Kumbhani – the person beforehand indicted in a US court docket for orchestrating a USD 2.4bn-heavy worldwide Ponzi and is now being investigated by the FBI.

A First Data Report (FIR) within the case was registered with the Cyber Police station of the Pune Metropolis Police on Tuesday, and it names the founding father of BitConnect and 6 different people, Forbes India reported.

An FIR is a doc that has been ready by the police after verifying the details of the criticism, per The Indian Specific. 

The complainant claims that he was defrauded of BTC 54 along with the returns of BTC 166 that he allegedly reinvested with the crypto rip-off platforms arrange by the seven individuals from 2016 to 2021. The authorities are at the moment probing whether or not the identical suspects scammed different individuals via the identical strategies.

Final February, the US Division of Justice (DoJ) charged Kumbhani, who offered himself because the rip-off’s “Asian chief”, for allegedly deceptive buyers globally and defrauding them of some USD 2.4bn. The scammer was charged with organising a Ponzi scheme, amongst others, and faces a most complete penalty of as much as 70 years in jail. The US Securities and Trade Fee (SEC) has been unable to find Kumbhani.

BitConnect was launched in February 2016 to a lot fanfare, benefiting from the biggest waves of the bull market that collapsed in early 2018. It offered itself as a crypto lending platform that permit customers commerce bitcoin for a local token named bitconnect coin (BCC), promising hefty payouts.


Be taught extra: 
Crypto Scams that Rocked Asia to the Core, Part 1: BitConnect
US Court Enters Judgements Against Future Money Ltd., for Promoting BitConnect ‘Lending Program’

SEC Readies to Settle with BitConnect Promoters – Judge
SEC Hits BitConnect Founders, Promoters with Fresh Fraud Wrap
Crypto Hacking, Theft Rise This Year While Scams, Darknet Markets Retreat – Chainalysis

SEC Charges 11 People over USD 300M Crypto ‘Pyramid Scheme’
‘Pig Butchering’ Crypto Investment Scams Delivered ‘Massive Losses’ to Victims

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