India seizes $190M in cryptocurrency in BitConnect case
18.02.2025
Indian authorities have seized $190 million worth of cryptocurrency linked to the BitConnect pyramid scheme, which collapsed in 2018. This is part of an investigation aimed at exposing the scheme that caused losses to thousands of investors.
According to reports, the Enforcement Directorate (ED) in Ahmedabad confiscated assets worth ₹16.46 billion, uncovering fraud against depositors under the guise of lucrative investments.
During raids on February 11 and 15 in Gujarat, the police seized assets worth ₹13.5 million ($15,500), an SUV, and electronic devices linked to BitConnect. The scheme affected investors from 95 countries, causing losses of $2.4 billion. Founded in 2016, BitConnect became one of the largest financial pyramids within two years before collapsing in 2018.
BitConnect’s founder is believed to be Satish Kumbhani, who was indicted by the U.S. Department of Justice in February 2022. He created a network of agents who earned commissions for recruiting investors. From November 2016 to January 2018, BitConnect raised funds worldwide, including in India.
Return to blogAccording to reports, the Enforcement Directorate (ED) in Ahmedabad confiscated assets worth ₹16.46 billion, uncovering fraud against depositors under the guise of lucrative investments.
During raids on February 11 and 15 in Gujarat, the police seized assets worth ₹13.5 million ($15,500), an SUV, and electronic devices linked to BitConnect. The scheme affected investors from 95 countries, causing losses of $2.4 billion. Founded in 2016, BitConnect became one of the largest financial pyramids within two years before collapsing in 2018.
BitConnect’s founder is believed to be Satish Kumbhani, who was indicted by the U.S. Department of Justice in February 2022. He created a network of agents who earned commissions for recruiting investors. From November 2016 to January 2018, BitConnect raised funds worldwide, including in India.