Bitcoin
$61,058.16-3.89%
Ethereum
$2,975.53-3.47%
Binance Coin
$544.62-0.14%
Solana
$130.26-6.98%
XRP
$0.48950098-3.17%
Dogecoin
$0.14329463-7.99%
Toncoin
$5.89-7.54%
Cardano
$0.43937430-4.12%
Shiba Inu
$0.00002167-3.43%
Avalanche
$33.39-5.24%
Tron
$0.10964756-2.89%
Wrapped Bitcoin
$59,975.70-5.79%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
02
DAYS
12
HR
08
MIN
54
SEC
Policy

BitConnect Founder, Indicted in US Over Missing Bitcoin, Is Now Wanted in India, Too

Satish Kumbhani and six others were named by an unidentified lawyer in a complaint over missing bitcoin.

By Amitoj Singh
AccessTimeIconAug 17, 2022 at 10:56 a.m. UTC
Updated May 11, 2023 at 6:18 p.m. UTC
Temple in Pune, India (Anand Dhumal/Pixabay)

Temple in Pune, India (Anand Dhumal/Pixabay)

10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Satish Kumbhani, the founder of crypto protocol BitConnect, is being sought by Indian police in the southwest city of Pune after an investor named him in a complaint over missing bitcoins (BTC).

  • The complaint, known as a First Information Report (FIR), was filed after a local lawyer said he lost close to 220 bitcoins worth Rs 420 million ($5.2 million) through multiple cryptocurrency investment platforms, according to a police officer who spoke to CoinDesk.
  • A First Information Report is prepared by the police after verifying the facts of the complaint and requires an official investigation.
  • BitConnect, founded in 2016, was a popular project in the initial coin offering (ICO) rage in mid-2017. It raised billions of dollars from investors for a protocol that purportedly paid out 10% in interest earnings via its BCC token. Users who referred other investors received even more benefits.
  • Kumbhani disappeared in February after being indicted in a $2.4 billion Ponzi scheme that is said to have defrauded investors in the U.S.
  • The lawyer, who wasn't identified, named Kumbhani and six others and said he was defrauded of his original investment of 54 bitcoins and the returns of 166 bitcoins that he was made to reinvest into platforms between 2016 and 2021, according to Indian Express, which reported the filing earlier.
  • Earlier this year U.S. officials said in a legal filing that Kumbhani likely vanished from India and his whereabouts were unknown.

Read More: BitConnect Founder Indicted in $2.4B Ponzi Scheme Has Disappeared

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Amitoj Singh
Amitoj Singh

Amitoj Singh is a CoinDesk reporter.

Follow @amitoj on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.