Ponzi Scam: BitConnect’s Indian Founder Charged In $2.4 Billion Bogus Scheme
A federal grand jury in San Diego charged the founder of a cryptocurrency startup Friday in a broad indictment that claims he cheated investors of more than $2.4 billion in a Ponzi scam. Prosecutors say the fraud is the largest of its sort ever prosecuted criminally. Satish Kumbhani, 36, of Hemal in Gujarat, India, swindled […]
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A San Diego-based federal grand jury charged Kumbhani for orchestrating an alleged Ponzi scheme via BitConnect’s “Lending Program” among other allegations. The founder of the infamous crypto exchange BitConnect, Satish Kumbhani, has been charged for allegedly misleading investors globally and defrauding them of $2.4 billion in the process.According to the Department of Justice (DOJ), a San Diego-based federal grand jury specifically charged Kumbhani for orchestrating the alleged Ponzi scheme via BitConnect’s “Lending Program”:“BitConnect operated as a Ponzi scheme by paying earlier....
Three companies allegedly running a large-scale cryptocurrency Ponzi scheme are being investigated by Indian police. The scheme promises extraordinary returns to investors. The police have registered a case against the alleged CEO of the companies. Large-Scale Indian Crypto Ponzi Scheme Indian police are reportedly investigating three Bengaluru-based companies over a cryptocurrency investment scheme that has lured investors from all over India. The companies are Long Reach Global, Long Reach Technologies, and Morris Trading Solutions. They are allegedly connected to “a multi-crore....
The founder of the $3.4 billion crypto Ponzi scheme Bitconnect has been charged in the United States. “If convicted of all counts, he faces a maximum total penalty of 70 years in prison,” said the U.S. Department of Justice. Bitconnect’s Founder Could Go to Prison for 70 Years The U.S. Department of Justice (DOJ) announced […]
BitConnect founder is being sued for illegally raising funds and defrauding American investors of over $2 billion. Indicted by the United States Department of Justice in a $2.4 billion Ponzi scheme, BitConnect founder Satish Kumbhani remains untraced following conviction.In a court filing on Monday, the Securities and Exchange Commission said that the whereabouts of Kumbhani remains unknown. The SEC noted that Kumbhani’s last known location was in his native country India, but has remained untraced ever since the promoter for his BitConnect Ponzi scheme was charged by the SEC for....
The Indian police launched an investigation against BitConnect co-founder Satish Kumbhani months after the U.S. SEC said he relocated from India. The saga of BitConnect, a major cryptocurrency scam scheme, is taking another twist as one of the BitConnect co-founders is now wanted by the Indian state police.Satish Kumbhani, an Indian national and the alleged founder of the crypto Ponzi scheme BitConnect, reportedly became subject to a new police investigation in India, The Indian Express reported on Wednesday.The Pune police, operating under the Indian state Maharashtra Police, launched a....