Lo and behold! The mighty Enforcement Directorate, like a vigilante from the tales of old, has seized a staggering ₹1,646 crore (approximately $197 million) in cryptocurrencies from a brazen scoundrel in the bustling heart of Ahmedabad, all tied to the infamous BitConnect scam. This operation was not just a heist of digital coins, but a veritable treasure hunt, retrieving ₹13.50 lakh in good old cash, a shiny SUV, and an assortment of digital gadgets that would make even the tech-savvy scratch their heads.
Ah, the BitConnect scam! A grand tale of greed that echoed across the globe, ensnaring the innocent with the allure of ginormous returns through a so-called “high-tech” trading bot. The mastermind, our dear Satish Kumbhani, wove a web of deceit with promises of up to 40% monthly profits by transforming noble Bitcoin (BTC) into BitConnect’s very own currency, the BCC. They even had a “Lending Program,” camouflaged behind a multi-level marketing facade that would make even the most seasoned con artist blush.
BREAKING: 🇮🇳 ED has made a blockbuster seizure of ₹1,646 crore tied to the Bitconnect crypto fraud! Stay tuned as the drama unfolds! 📈📉
— Crypto India (@CryptooIndia) February 16, 2025
This elaborate ruse flourished from November 2016 to January 2018, reeling in desperate investors with promises of extravagant returns, all courtesy of their magical “volatility software trading bot.” Like moths drawn to a flame, investors surrendered their Bitcoin (BTC), only to watch in horror as it morphed into the elusive BitConnect’s BCC. Naturally, the need to recruit new victims was integral to the model, as is tradition in Ponzi schemes.
The saga took a tragic turn in January 2018 as vigilant global regulators swooped in, leaving a trail of despair for thousands of investors now bereft of their fortunes. The ED, donning its detective hat, began this elaborate investigation back in 2018, sparked by the cries of those scarred souls who filed FIRs with Surat’s CID, leading to the attachment of properties worth a hefty ₹489 crore linked to this digital debacle.
This is not a solo act for the ED, oh no! They have previously seized assets worth ₹489 crore in connection with this very case. Our intrepid authorities have uncovered a greater conspiracy, revealing that even foreign nationals were entangled in the BitConnect snare, while Kumbhani continues to be pursued, not just by Indian authorities, but by the long reach of US federal agencies. What a tangled web we weave!
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2025-02-16 18:46