The Indian Police Agency has released an arrest warrant for a cryptocurrency platform founder, Satish Kumbhani. This warrant comes after Satish was indicted by the United States Federal Bureau of Investigation in February for alleged fraud worth billions.
Satish Kumbhani Declared Wanted By Indian Police
The Indian Police agency launched an investigation into a cryptocurrency Ponzi scheme from a crypto platform that cost innocent investors billions of dollars. After a few weeks, the Police released an arrest warrant for the founder.
Earlier this week, the Indian Police lodged a report which stated that six other people aided Satish in perpetuating the fraudulent act. The agency noted that the founder, along with six others, is wanted by the Police, although their movements are still unknown.
From all indications, Satish Kumbhani and his conspirators have gone into hiding after perpetuating their act. The U.S. Federal Bureau Investigation has been looking for the Founder and his officials since their indiction in February. However, they seemed to have faded into thin air, as their movement or location is still unknown.
The Indian Authorities alleged that the founder depicted Bitconnect as a crypto investment scheme in which he tricked investors into putting their money and assets. After the assets and investments peaked, the CEO, with his fellow fraudsters, made away with the money worth over $2.4 billion. The Indian Police finally declared Satish wanted six months after U.S. FBI indicted him.
Summary of Bitconnect, Ponzi Scheme Crash In February
Bitconnect, one of the leading crypto investment platforms, crashed a few months ago after the founder with its top officials made way with investor’s funds. The platform has launched to increase investors’ assets and holdings via trading and lending programs in the cryptocurrency markets.
Bitconnect founder Satish Kumbhani tricked investors into that their investment and assets would be multiplied via its trading bot technology and software. He stated that the platform would pay investors profits generated from the trading and lending program. At first, the company kept its promise and paid investors, which gave it more exposure and users.
The crypto investment platform raked over $3 billion before the crash, and the CEO and his officials made way with $2.4 billion in investors’ funds and assets. Satish was immediately indicted by the United States F.B.I after the agency got wind of the situation. The U.S. FBI released, “Bitconnect is a fraudulent cryptocurrency Ponzi scheme, which has garnered over $ 3 billion in the market cap”.
Following the Indian Police arrest warrant release for the founder and his conspirator, Satish may get arrested. There are speculations that the United States FBI may collaborate with the Indian Police to fish out Satish Kumbhani and his conspirators.