Fugitive BitConnect founder Satish Kumbhani, accused in the US, is now wanted in India.
BitConnect founder Satish Kumbhani disappeared in February after being accused of defrauding US investors with a $2.4 billion Ponzi scheme. Kumbhani is wanted by Indian police after an investor filed a complaint about missing Bitcoins (BTC).
An Investor Complained About BitConnect Founder
According to a police officer who spoke to the media about the complaint, the complaint, known as the Initial Information Report (FIR), came after a local lawyer said he had lost close to 220 Bitcoins, worth about $5.2 million, through multiple cryptocurrency investment platforms.
The unidentified lawyer gave the names of Kumbhani and six others to the police. According to the news of Indian Express, he said that a total of 220 Bitcoins were defrauded between 2016 and 2021 from his initial investment of 54 Bitcoins (BTC) to invest in platforms, followed by a return of 166 Bitcoins.
Earlier this year, US officials said in a legal filing that Kumbhani had fled India and his whereabouts were unknown.
Founded in 2016, BitConnect was very popular in the mid-2017 ICO frenzy. It has raised billions of dollars from investors for a protocol that allegedly pays 10 percent of interest earnings through the BCC token. Users who referred other investors in this system had even more advantages.
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