Authorities in Gujarat have seized one other 47.7 crore value of property tied to BitConnect (~$5.6 million).
As reported by ANI Information on October eleventh;
The Enforcement Directorate (ED) has hooked up immovable properties valued Rs 47.70 crore in reference to ‘Cryptocurrency Bitconnect Coin’ case, the company stated on Friday.
ED’s Ahmedabad primarily based unit hooked up these properties having current market worth of Rs. 47.70 crore on October 9 that are Proceeds of Crime (POC) within the case underneath the provisions of the Prevention of Cash-Laundering Act (PMLA), 2002.
Gujarat is the house state of BitConnect’s founder Satishkumar Kurjibhai Kumbhani Surat (aka Satish Kumbhani, proper).
Kumbhani is needed by each Indian and US authorities. He’s believed to be hiding out in both India or Dubai.
In August 2024 Kumbhani’s confederate Shailesh Bhatt was arrested in Ahmedabad, Gujarat.
BitConnect wasn an MLM crypto Ponzi that launched in late 2017. Coinciding with a $2.4 billion rugpull, BitConnect collapsed in January 2018.
BitConnect investor losses have been pegged at over $4 billion, the vast majority of which stays unaccounted for.