India Confiscates $189 Million in Crypto Tied to BitConnect
Indian authorities have taken an important step in their long-term investigation into the BitConnect scam.
The Enforcement Bureau of Ahmedabad (ED) seized $189 million worth of cryptocurrency assets, a major breakthrough in the case.
Indian officials seized $189 million in digital assets linked to BitConnect
ED’s actions were carried out under the Money Laundering Act (PMLA) It is said that resulting in the confiscation of digital assets related to BitConnect operators. During the raid, authorities also seized more than $15,000 in cash, a luxury car and several electronic devices.
BitConnect operated between November 2016 and January 2018 and deceived investors, with an estimated $2.4 billion. The sponsors of the program took the so-calledvolatility Software trading robot. ”
Encourage investors Deposit funds into Bitcoin or cash, think their investment will bring considerable profits. Instead, funds were stolen into wallets controlled by the organizers of the program.
According to the authorities The platform runs as a Ponzi scheme, Use funds from new investors to pay for early participants. It flourished until the authorities exposed the deception, causing it to collapse.
Investigators traced the movement of funds across various wallets. Many of these transactions are intentionally hidden using dark networks, which makes tracking difficult. However, detailed analysis of wallet activity, IP addresses and transaction flows ultimately led to authorities entering digital assets.
Latest epilepsy seizures follow BitConnect founder Satish Kumbhani sued and Glenn Arcaro, chief sponsor of the United States. 2022, U.S. Court Sentenced Arcaro was jailed for 38 months and ordered him to repay $17.6 million to victims in 40 countries.
Kumbhani faces multiple charges, including conspiracy to commit wire fraud, commodity price manipulation and international money laundering.
If convicted on various charges, he could be sentenced to up to 70 years in prison. However, he is still an evasive prosecution
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