Satish Kumbhani, founder of cryptocurrency platform BitConnect who has been indicted in the US for running a $2.4 billion crypto ponzi scheme, has likely “relocated from India to an unknown location” abroad.
A federal grand jury in San Diego last week indicted Kumbhani with orchestrating a global Ponzi scheme. BitConnect is an alleged fraudulent cryptocurrency investment platform that reached a peak market capitalisation of $3.4 billion.
In total, Kumbhani, facing 70 years in prison if convicted, and his co-conspirators obtained approximately $2.4 billion from investors.
In a latest filing in the US Securities and Exchange Commission (SEC), Senior Trial Counsel Richard Primoff said that since November, “the commission has been consulting with that country’s (India’s) financial regulatory authorities in an attempt to locate Kumbhani’s address. At present, however, Kumbhani’s location remains…