Satish Kumbhani Archives - Coin Engineer https://coinengineer.net/blog/tag/satish-kumbhani/ Btc, Coins, Pre-Sale, DeFi, NFT Sun, 16 Feb 2025 10:25:15 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://coinengineer.net/blog/wp-content/uploads/2024/04/cropped-Coin-Engineer-Logo-Favicon-2-32x32.png Satish Kumbhani Archives - Coin Engineer https://coinengineer.net/blog/tag/satish-kumbhani/ 32 32 Giant Operation from India: $190M Crypto Seized! https://coinengineer.net/blog/giant-operation-from-india-190m-crypto-seized/ https://coinengineer.net/blog/giant-operation-from-india-190m-crypto-seized/#respond Sun, 16 Feb 2025 10:30:01 +0000 https://coinengineer.net/blog/?p=36680 As part of an ongoing investigation, Indian authorities have seized $190 million worth of crypto linked to the BitConnect Ponzi scheme. The fraudulent system, which collapsed in 2018, defrauded over 4,000 investors worldwide, causing an estimated $2.4 billion in losses. India’s Enforcement Directorate (ED), the country’s financial crime investigation agency, confiscated ₹1,646 crore worth of

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]]> As part of an ongoing investigation, Indian authorities have seized $190 million worth of crypto linked to the BitConnect Ponzi scheme. The fraudulent system, which collapsed in 2018, defrauded over 4,000 investors worldwide, causing an estimated $2.4 billion in losses.

India’s Enforcement Directorate (ED), the country’s financial crime investigation agency, confiscated ₹1,646 crore worth of crypto assets related to BitConnect. A February 15 local report stated:

“The ED unit in Ahmedabad has seized cryptocurrency worth ₹1,646 crore as part of its investigation into the BitConnect cryptocurrency fraud, in which numerous investors were allegedly duped under the guise of securities investment.”

Authorities Seize Additional Assets

In addition to cryptocurrencies, Indian officials also confiscated ₹13,50,500 (approximately $15,582), an SUV, and several electronic devices during raids conducted in Gujarat on February 11 and 15.

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BitConnect, which launched in 2016, collapsed within just two years, leaving thousands of investors with heavy losses. BitConnect founder Satish Kumbhani, who was charged by the U.S. Department of Justice in February 2022, is accused of building a global network of promoters, offering commissions to push the Ponzi scheme.

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BitConnect Victims Took Matters Into Their Own Hands

Some BitConnect victims attempted to take action on their own. In August 2024, Indian authorities revealed that investor Shailesh Babulal Bhatt, who had lost money in BitConnect Coin (BCC), allegedly kidnapped two BitConnect employees in an attempt to recover his funds. According to reports, Bhatt and his accomplices extorted:

  • 2,091 Bitcoin
  • 11,000 Litecoin
  • $1.7 million (approximately ₹145 million)

Authorities stated that Bhatt took these drastic measures to recover his investment.

FBI Cracks Down on Crypto Fraud

Global authorities continue to crack down on crypto-related fraud. The FBI’s “Operation Level Up” reportedly prevented $285 million in potential crypto fraud between January 2024 and January 2025.

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