The Indian police have launched an investigation into Bitconnect and booked its founder after a bitcoin investor reported being defrauded by the global crypto “Ponzi scheme.” According to U.S. authorities, the scheme reached a market capitalization of $3.4 billion at its peak. The founder and his co-conspirators allegedly obtained about $2.4 billion from investors.
Bitconnect’s Founder Wanted by Indian Police
The founder of Bitconnect, one of the most famous fraudulent cryptocurrency investment schemes, is wanted by the Indian police in the city of Pune, Maharashtra, after the U.S. indicted him for defrauding investors.
The Pune Police launched a probe into the multi-crore crypto scheme and booked its founder, Satish Kumbhani, after a local lawyer lodged a first information report (FIR) on Tuesday. He also named six others involved in the scheme. The lawyer stated in the FIR that he was defrauded for close to 220 bitcoins.
The Indian police are now searching for the accused but no...
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