Indian police frantically search for Bitconnect founder after US indictment for crypto fraud | Crypto

Indian police frantically search for Bitconnect founder after US indictment for crypto fraud

– The Indian police are investigating Bitconnect and have booked its founder after a bitcoin investor reported being defrauded by the global crypto Ponzi scheme.

– According to U.S. authorities, Bitconnect reached a market capitalization of $3.4 billion at its peak and the founder and his co-conspirators allegedly obtained about $2.4 billion from investors.

– The Pune Police launched a probe into the scheme and booked its founder, Satish Kumbhani, after a local lawyer lodged a first information report (FIR).

– The Indian police are now searching for the accused but no arrests have been made.

– Kumbhani, an Indian national, is already being investigated by the Federal Bureau of Investigation (FBI).

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