Satish Kumbhani, the establisher of BitConnect is on a wanted list by the Police in India, for his role in a Bitcoin scam involving him and legal personnel based in Pune. More than $4 million which is the equivalent of about 220 BTC is the figure that has been declared stolen.
The lawyer whose identity was not disclosed gave firsthand information to the police, asserting that he was swindled of his initial investment by Kumbhani. With this, the governing institutions now have the impetus to press charges against the accused, after doing due diligence with the information received.
According to the complainant, Kumbhani was aided in the said crime with several other accused persons numbering about six. They duped him of about 166 Bitcoins (BTC), being his total investments within five years (2016 – 2021)
More Troubles for the Fleeing Kumbhani
Kumbhani’s whereabouts only became officially unknown in February when US capitalists raised a petition against him for a Ponzi scheme of over $2 billion. A move was initiated from that country to track him but after a while, it was suggested that Kumbhani had relocated from India, and his current location was unrevealed.
BitConnect was warmly received across the globe because of the unrestricted access it offered digital currency users through the creation of its unique coin, termed BitConnect Coin – BCC. Their tokens would be handed to BitConnect for it to inject into various business transactions, and return the profits to the investors after a maturity period. Unfortunately, that never happened.
