Key Points:
- India Seizes $190M in crypto and assets linked to the BitConnect Ponzi scheme, marking the country’s largest-ever crypto confiscation.
- Authorities traced illicit funds across multiple wallets, uncovering a complex laundering network tied to BitConnect’s global operations.
India Seizes $190M in Crypto, cash, and assets from BitConnect fraud, exposing a vast money-laundering network linked to the notorious 2018 Ponzi scheme.
India Seizes $190M in Crackdown on BitConnect Fraud
Indian authorities have seized $190 million worth of crypto, cash, and luxury assets in connection with the BitConnect Ponzi scheme, which collapsed in 2018. This marks the largest crypto seizure in India’s history, carried out by the Directorate of Enforcement (ED) after multiple raids in Gujarat.
BitConnect lured investors with promises of 1% daily returns, ultimately siphoning $2.4 billion from over 4,000 victims worldwide. Founder Satish Kumbhani remains a fugitive, wanted by both Indian and U.S. authorities after a 2022 indictment by the U.S. Department of Justice.
Read more: BitConnect Victims To Receive $17 Million
Authorities Uncover a Complex Money Laundering Network
Investigations revealed BitConnect’s intricate web of crypto wallets, designed to obfuscate illicit funds. Using advanced tracking, ED traced and froze digital wallets holding stolen assets. Officials confirmed that instead of investing in trading bots, as BitConnect falsely claimed, the funds were redirected to personal accounts.
The crackdown follows global efforts to combat crypto fraud, including the FBI’s Operation Level Up, which prevented $285 million in scams. Meanwhile, U.S. authorities have been selling confiscated BitConnect assets, including a $56 million auction in 2021, as part of victim restitution efforts.
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