BitConnect founder and wished fugitive Satish Kumbhani has been tracked to Ahmedabad, a metropolis within the Indian state of Gujurat.
As reported by the Financial Occasions on February 14th; following an investigation into crypto transactions, the Enforcement Directorate was in a position to seize crypto “belongings price ₹1,646 crore” (~$190 million USD).
Kumbhani, 36, will shortly be interrogated by the ED and is more likely to be taken into custody, the individuals stated, including that to make sure that he doesn’t escape the nation, the company has issued a ‘look out round’ in opposition to him.
I’m going to exit on a limb right here and counsel in Kumbhani wasn’t apprehended by February 14th (the date of ET’s report), he’s most likely on the run once more.
Following the seizure of crypto belongings on Wednesday, the ED may even begin restitution of proceeds of crime to the victims of the scandal, in accordance with the individuals. These would come with overseas nationals from varied nations, they stated.
BitConnect was an MLM crypto funding scheme that pioneered the “lending” Ponzi mannequin. The rip-off collapsed in 2017 by an epic $2.4 billion BCC token crash.
Satish Kumbhani (proper), BitConnect’s founder, was indicted within the US in 2022.
Kumbhani, who has ties to Dubai, was reported to have fled India within the lead as much as his US indictment. It seems sooner or later Kumbhani snuck again into India and had been dwelling in secret.
At time of publication there are not any updates on Kumbhani’s US felony case docket. If Kumbhani is lastly in custody, whether or not Indian authorities will extradite him to the US is unclear.