After a complaint against Bitconnect co-founder Satish Kumbhani, Indian police is investigating to collect more details to take action against him.
Satish Kumbhani is co-founder of the Bitcoin investment platform, Bitconnect. Bitconnect platform was giving 100% returns in a year, against the initial investment in Bitconnect coin (BCC) in the form of staking but actually, everything was based on a Ponzi scheme & nothing. After the action of US government agencies, Bitconnect was forced to suspend its investment platform in early 2018.
Recently Indian local news media reported that a lawyer from Pune, India, initiated legal action against Kumbhani. Through the filed complaint, the plaintiff claimed that he was defrauded by Kumbhani for 220 Bitcoins ($4.7 million).
The filed FIR (First Information Report) noted that Kumbhani defrauded originally 54 bitcoins. However, no action has been seen so far from prosecutors but they are working on collecting some more information to take action. Plaintiff also claimed that he reinvested 155 Bitcoins on different platforms between 2016 to 2021, on behalf of the Bitconnect founder.
Lawyer urged the investigation agencies to maintain his privacy in this case from the public domain.
At present, no government agency has clue about the location of Satish Kumbhani. Earlier this, in a $2.4 billion Ponzi scheme scam in February, the US authorities said that nobody know where is Kumbhani and last traced the location of Kumbhani was in India.
US legal filing stated:
“Kumbhani has likely relocated from India to an unknown address in a different foreign country. Since November, the Commission has been consulting with that country’s financial regulatory authorities in an attempt to locate Kumbhani’s address. At present, however, Kumbhani’s location remains unknown.”
Interestingly, Bitconnect was a very big Ponzi scheme-based crypto investment platform till the US government agencies asked about the backend operations of the platform and how it generates rewards for users.
Before 2017, Bitconnect was a highly popular Bitcoin investment platform via Bitconnect coin, and every crypto investor was encouraged to invest in this platform because of its better staking reward system.
Read also: I’m tired of taking the blame for Vasil Hardfork delay, says Hoskinson
Indian prosecutors investigating against BitConnect founder in $5M Bitcoin scam
https://bitcoinik.com/indian-prosecutors-investing-against-bitconnect-founder-in-5m-bitcoin-scam/feed/
https://bitcoinik.com/indian-prosecutors-investing-against-bitconnect-founder-in-5m-bitcoin-scam/feed/
🚀🚀Get ready for the biggest ICO of 2022.
✅ICO Round 1 is Sold Out
✅ICO= Initial Coin Offering. Where you can purchase tokens at base price.
✅ICO has different rounds with different price.
✅Round-1 price: $0.0005 (Sold Out)
✅Round-2 price: $0.001
✅Round-3 price: $0.002
✅Round-4 price: $0.004
✅Round-5 price: $0.008
👉ICO will be finished on September 15, 2022.
👉Trading will start after ICO completion.
🚀🚀EXCHANGE LISTING PRICE: $0.02 per KST. That is 40x than ICO Round-1 (Seed round)🚀🚀
👩🏻💻For more details pls read pdf in marketing tools section in dashboard.
#koinswap #kst #nft #metaverse #blockchain
𝙍𝙀𝙂𝙄𝙎𝙏𝙍𝘼𝙏𝙄𝙊𝙉 𝙇𝙄𝙉𝙆👇🏽
https://koinswap.io/register?referralcode=CFxqfP
▬▬▬▬▬▬▬▬▬▬▬▬▬▬
THIS IS A LIFE CHANGING OPPORTUNITY
*REGISTER N VERIFY UR MAIL N GET 1000 COIN FOR FREE*
TODAY KOINSWAP IS GIVING US 1000 COIN FREE BUT NO ONE CARE TO TAKE IT
👇👇👇👇👇👇
https://koinswap.io/register?referralcode=CFxqfP
JOIN THE GROUP FOR MORE UPDATES
https://chat.whatsapp.com/BGUVkqhI6mg1p9XdJXzBwl
In 2009 you missed# BITCOIN
2014 you missed# DOGE
2015 you missed# XRP
2016 you missed# ETH
2017 you missed# ADA
2018 you missed# BNB
2019 you missed# LINK
2020 you missed# DOT
2021 you missed# SHIBA
https://koinswap.io/register?referralcode=CFxqfP
—————————————————————————————————————————————-
Risk Reminder:
Trading foreign exchange and/or contracts for differences on margin carries a high level of risk and may not be suitable for all investors.
The possibility exists that you could sustain a loss in excess of your deposited funds.
Before deciding to trade the products reviewed by Cryptonews24.eu, you should carefully consider your objectives, financial situation, needs and level of experience.
You should be aware of all the risks associated with trading on margin.
Cryptonews24.eu provides general news and advice that does not consider your objectives, financial situation or needs.
The content of this website must not be construed as personal advice.
Cryptonews24.eu recommends you seek advice from a separate financial advisor.
Nothing on this website should be considered financial advice.
This website is for informational purposes only and you should not rely on anything that is printed or said on this website to make any financial decisions.
