Indian Authorities Strike Hard Against Bitconnect Scam, Seizing $190 Million

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Indian authorities have launched a significant operation as part of an investigation into the global Bitconnect scam that collapsed in 2018. The Enforcement Directorate based in Ahmedabad seized approximately $190 million worth of cryptocurrency tied to the Bitconnect scheme. During the investigation, cash, an SUV, and various electronic devices were also confiscated. Officials noted that these operations aimed to trace the international fraud network.

Understanding the Bitconnect Scam and India’s Response

The Enforcement Directorate revealed that they identified investment funds connected to individuals involved in the Bitconnect scam. As a result of the operations, cryptocurrency valued at Rs 1,646 crore (around $190 million) was seized in India. Authorities announced that assets belonging to those associated with the fraudulent scheme had been confiscated, and the investigation is ongoing.

Launched by Satish Kumbhani in 2016, Bitconnect gained notoriety in the cryptocurrency market by promising high returns to investors. However, the platform abruptly shut down in 2018, resulting in losses of approximately $2.4 billion for over 4,000 investors worldwide. Indian authorities indicated that the investigation also focuses on global fraud connections.

Victims of Bitconnect and Their Reactions

The Bitconnect scam victimized thousands of investors globally. Following the platform’s closure, many investors sought ways to recover their losses. In India, some victims reportedly pressured individuals linked to the scam for cryptocurrency and cash refunds.

For instance, one victim, Shailesh Babulal Bhatt, gained attention for allegedly coercing certain Bitconnect employees for Bitcoin , Litecoin, and cash. Authorities stated that they are also examining the victims’ attempts to reclaim their investments.

The operations conducted in India have sparked calls for increased regulatory measures in the cryptocurrency market. Officials warned that cryptocurrency investors should remain vigilant against similar scams in the future.

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