Complaint Filed Against BitConnect Founder in India Following Indictment in the US

2022-8-18 08:15

Satish Kumbhani, the founder of cryptocurrency investment platform BitConnect, is now being investigated in India for the multi-million dollar scam.

Reports noted that a Pune city-based lawyer, Kondhwa Budruk, filed a complaint in the case on Aug. 16 with the cyber crime police.

BitConnect another scheme to mislead investors

The first information report (FIR) alleged that the lawyer lost nearly 220 bitcoins (close to a market value of $5.14 million) with several investment platforms. The lawyer has named Kumbhani (36) and six others. No arrests have reportedly been made so far, as per the report.

Earlier in February, a federal jury in San Diego indicted the BitConnect founder on charges of operating a Ponzi scheme. Under this, the founder was found to have paid early investors with funds from later investors, stealing nearly $2.4 billion from them.

In this case, according to the FIR, the complainant was duped out of his initial investment of 54 bitcoins as well as the returns of 166 bitcoins, which he was allegedly forced to reinvest in the platforms between 2016 and June 2021. As per senior police inspector DS Hake, Kumbhani and his associates were running a virtual currency scam that allegedly misled investors.

India’s FM raises fresh concerns as agencies probe platforms

The news comes days after India’s Finance Minister Nirmala Sitharaman raised fresh concerns about investing in virtual assets. “The government has already warned. I think all of us will have to share our thoughts and move with a bit of caution on this,” Sitharaman warned the public and startup entrepreneurs.

Her comments also come on the back of an ongoing investigation where the Indian Enforcement Directorate (ED) blocked bank assets worth around $46 million that belonged to the troubled crypto exchange Vauld after freezing the bank account of one of the directors of Zanmai Lab Private Ltd, the operator of the Indian cryptocurrency exchange WazirX. 

This is significant considering India’s crypto ownership is the seventh highest in the world, with approximately 7.3% of the Indian population owning crypto as of 2021, according to a recent UNCTAD report.

That said, Minal Thukral, executive vice president of growth and strategy at CoinDCX, expressed optimism about the future of crypto in India in a recent interview.  

“As per the UN report, crypto shows a dramatic development in recent years which is a positive sign given that 65 crore Indians (~50%) have access to the internet now. Furthermore, crypto innovations will continue to grow in India irrespective of the continuous fear around increasing rates, inflation, etc,” Thukral explained.

The post Complaint Filed Against BitConnect Founder in India Following Indictment in the US appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

BitConnect (BCC) íà Currencies.ru

$ 0.6799 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.00 %
Cåãîäíÿ L: $0.6799 - H: $0.6799
Êàïèòàëèçàöèÿ $6.809m Rank 99999
Äîñòóïíî / Âñåãî 10.015m BCC / 28m BCC

india founder bitconnect against complaint indictment following

india founder → Ðåçóëüòàòîâ: 58


Ôîòî:

Shiba Inu Immersed In Uncertainties As India’s CryptoRelief Sends Back $100M In SHIB To Ethereum’s Vitalik Buterin

Ethereum founder Vitalik Buterin is getting back a portion of a SHIB donation he gave to an Indian-based relief fund in 2021. According to a Friday tweet, the Ethereum co-founder said that after deep consultations with the Indian-focused covid relief fund committee, they had agreed to release $100 million worth of Shiba Inu to him […]

2022-1-30 14:09


Ôîòî:

“This Is Not The End”, — WazirX CEO Nischal Shetty On India’s Latest Bill To Ban Almost All Cryptocurrencies

The Indian cryptocurrency market is not on the verge of breaking down following yesterday’s announcement that a bill that limits crypto usage will be introduced in parliament later this month. Nischal Shetty who is the Founder and CEO of one of the largest Indian-based cryptocurrency exchanges WazirX has spoken about the fears arising from this […]

2021-11-24 13:41


Analyst 4 Reasons Why Bitcoin Is Looking Extremely Bullish at $9,000

Despite the slight recovery seen over the past few days, analysts still fear that Bitcoin is on a trajectory that will see its price correct even further than it already has. In fact, Related Reading: Crypto Tidbits: India Makes Watershed Ruling On Bitcoin, Elon Musk Bumps Dogecoin, Ethereum Founder Supports Twitter CEO Some, however, aren’t...

2020-3-8 03:30


India’s Second Largest Company, Reliance Industries, to Incorporate Blockchain All Across the Country

During the 42nd Annual General Meeting of Reliance Jio Infocomm Limited, an Indian mobile network operator fully owned by Reliance Industries, Founder, Shri Mukesh D. Ambani has shared how the firm will be investing in three next generation technologies’, among which includes focus depicted in blockchain technology, edge computing and virtual and mixed reality content […]

2019-8-13 21:36


It’s Already Too Late for India, Even if its Legalizes Bitcoin Exchanges

On March 30, less than 6 months since the shutdown of India’s largest bitcoin exchange Zebpay, one of the last remaining cryptocurrency exchanges in India, Coindelta, closed down its services. In an official statement, Shubham Yadav, the founder of Coindelta, wrote that there has not been enough progress in the process of overturning the decision of the Reserve Bank of India to prohibit local banks from dealing with bitcoin and crypto-related businesses.

2019-4-1 15:15


Ôîòî:

As Court Reconvenes for QuadrigaCX, Questions Surround Empty Cold Wallets

As QuadrigaCX’s legal counsel descends on the courtroom in Halifax, Nova Scotia, for another round of legal proceedings, the court monitor’s third report on QuadrigaCX’s finances — specifically its revelation that the exchange’s cold wallets are empty — lays out some hopeful avenues for fund recovery — and some frustrating dead ends.

2019-3-5 20:20


Avoiding QuadrigaCX’s $190 Million Disaster: How Do the World’s Largest Crypto Exchanges Store Funds?

Canada’s largest crypto exchange QuadrigaCX lost more than $190 million worth of user funds and is unable to reimburse its users. As CCN reported on February 1, the founder and CEO of QuadrigaCX passed away in India with sole control over the company’s cold wallets containing more than $150 million in cryptocurrencies like Bitcoin and Ethereum, and $40 million in cash stored with a third party.

2019-2-3 11:48