Indian authorities have taken an important step in a long -term investigation into the Bitconnect fraud.
The Directorate of Enforce (ED) in Ahmedabad has seized $ 189 million, which represents a major breakthrough in the case.
Indian officials confiscate $ 189 million of digital assets associated with Bitconnect
ED process, conducted under the Law of Money Laundering (PMLa), It is said It led to the confiscation of the digital assets associated with the Bitconnect operators. The authorities also seized more than $ 15,000 cash, luxury car, and many electronic devices during the raid.
BitConnect was operated between November 2016 and January 2018, and investors ’deception of an estimated $ 2.4 billion. The planned promoter tempted the victims with high -return promises using the so -called “fluctuation software trading programs”.
Investors have been encouraged to deposit money in bitcoin or cash, believing that their investments will make great profits. Instead, the money was stored in a portfolio controlled by the planning organizers.
According to the authorities, the platform was operated as a Bonze scheme, using funds from new investors to pay the participants earlier. It flourished until the authorities revealed deception, which led to its collapse.
Investigators follow the movement of funds through different portfolios. Many of these transactions are deliberately hidden using the dark network network, making the tracking difficult. However, the detailed analysis of wallet activities, IP addresses and transactions ultimately led the authorities to digital assets.
This last seizure follows the indictment of the founder of Bitconnect Satish Kompany and its main president of the United States, Glenn Arku. In 2022, an American court Heal Arkaru for 38 months in prison and ordered him to pay $ 17.6 million to victims in 40 countries.
Kumbhani faces multiple fees, including conspiracy to commit wire fraud, manipulation of commodity prices, and international money laundering.
If he is convicted of all charges, he may receive the maximum prison sentence for 70 years. However, he is still fleeing, evading the prosecution
Disintegration
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