Move over, Bollywood. India’s law enforcement has just made a splash in the world of cryptocurrency, seizing a whopping $190 million (Rs 1,646 crore) in connection with a BitConnect investigation.
According to The Indian Express, the Enforcement Directorate (ED) in Ahmedabad conducted searches across Gujarat on February 11th and 15th. Not only did they confiscate a small fortune in digital currency, but they also seized $16,300 (Rs 13,50,500) in cash, an SUV, and various digital devices.
The investigation falls under the Prevention of Money-Laundering Act (PMLA), following initial cases registered by Surat’s CID Crime Police Station.
BitConnect: The Gift That Keeps Taking
BitConnect, an unincorporated organization that operated globally between November 2016 and January 2018, targeted investors worldwide, including India. The platform created an extensive network of promoters who received commissions for bringing in new investors.
Introduced in 2016, the BitConnect Ponzi scheme disguised as a high-yield investment program, where investors were tricked into acquiring BitConnect Coins and promised returns of up to 40% monthly through a supposed “volatility software trading bot.”
The platform allegedly displayed “fictitious” returns on its web portal, claiming approximately 1% daily returns, equivalent to 3,700% annually. But as with any Ponzi scheme, the operators of BitConnect paid investors returns using funds solicited from newer investors.
Over its two-year run, the scheme amassed $2.4 billion from victims worldwide, with both the scheme and the token collapsing after U.S. state regulators issued cease-and-desist orders.
However, investigators called the claims fraudulent, as BitConnect diverted investor funds to digital wallets controlled by the accused instead of trading.
The ED’s investigation found out a complex web of cryptocurrency transactions, many conducted through the dark web to hide their origins. Despite these challenges, authorities successfully traced several web wallets and located digital devices containing the cryptocurrencies through ground intelligence.
This seizure adds to earlier ED actions in the case, which included the attachment of assets worth $56.5 million (Rs 489 crore). Sources show that foreign nationals were also among BitConnect’s investors, and U.S. federal authorities are investigating the “main accused.”
In conclusion, it seems that the only thing more impressive than India’s law enforcement is the sheer audacity of the BitConnect scammers. 😜
Read More
- We’re Terrible At Organizing Things.’ Tom Holland Reveals The Sweet Holiday Scheme He And Zendaya Are Going To Try Next Year
- Path of Exile 2: How To Find & Unlock the Realmgate
- Cookie Run Kingdom: Shadow Milk Cookie Toppings and Beascuits guide
- Million-Dollar Crypto Scandal: Abra Pays Up in SEC Settlement
- Girls Frontline 2 Exilium tier list
- NewsNation Taps Leland Vittert to Replace Dan Abrams
- Yarrow Slaps’ Distorted Celebrity Portraits Take Center Stage in New Video Game-Inspired Show
- Deva: Shahid Kapoor and Pooja Hegde’s lip-lock scene gets trimmed by CBFC? Film’s runtime and rating revealed
- Joel McHale Joined Scream 7 And His Role Destroys A Popular Fan Theory
- XLARGE Celebrates Lil Wayne With New Collection
2025-02-16 17:24