A victim in India has filed a police complaint over the collapse of BitConnect, which occurred four and a half years ago.
The victim, who has only been named as a Pune, Maharashtra, lawyer, claimed to have misplaced “almost 220 bitcoin.” The street value of 220 BTC today is almost $5 million USD. 54 BTC is said to represent the initial investment out of the total claimed.
Ponzi returns comprise the remaining 166 BTC and have never occurred. Why the lawyer hasn’t been informed of this is a mystery.
In any case, Satish Kumbhani, the founder of BitConnect, was the subject of a First Information Report filed by Pune police on Tuesday.
The Indian Express reported, Between 2016 and June 2021, the complainant and the suspects engaged in transactions.
A search for the culprits has been started, but no arrests have been made in connection with the case. According to officials, they will also look into whether the same culprits have defrauded any further victims in the same way. Police in Pune were unaware that Kumbhani had already been charged in the US until they looked into the matter.
The case was filed on Tuesday night, according to Senior Inspector DS Hake of the Pune police’s Cyber Crime Police Station, and an investigation has been started into the information provided by the complainant.
I am also unsure of the reason why BitConnect, a multi-billion dollar Ponzi scheme, is not the subject of a federal investigation by Indian authorities.
Kumbhani is still wanted for questioning. He is thought to be hiding out in Dubai or India.