Indian authorities seized 189 million USD in cryptocurrency amid the BitConnect fraud investigation. The Enforcement Directorate employed advanced techniques to uncover dark web activities and wallet transactions.
BitConnect, operational from November 2016 to January 2018, deceived investors out of approximately 2.4 billion USD. It operated as a Ponzi scheme, enticing investors with promises of high returns while misappropriating their funds.
Satish Kumbhani, BitConnect’s founder, is wanted for various charges, including conspiracy and money laundering. Glenn Arcaro is currently serving a 38-month prison sentence after being ordered to pay 17.6 million USD in damages.
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