India seizes $190M in crypto linked to Bitconnect
Confiscations in India
Indian law enforcement authorities have seized nearly $190 million worth of cryptocurrency as part of an ongoing investigation into the global Ponzi scheme Bitconnect, which collapsed in 2018.
“The Enforcement Directorate (ED) in Ahmedabad has seized cryptocurrency assets worth ₹1,646 crore (approximately $190 million) during its investigation into the Bitconnect fraud case, in which thousands of depositors lost their money,” the report stated.
What else was seized?
In addition to cryptocurrency, authorities also confiscated ₹1.35 million ($15,582), an SUV, and electronic devices during raids conducted in Gujarat on February 11 and 15.
The seized assets belonged to Bitconnect associates, who allegedly scammed around 4,000 investors across 95 countries, causing total losses estimated at $2.4 billion. Founded in 2016, Bitconnect collapsed just two years later.
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Bitconnect founder Satish Kumbhani, who was charged by the US Department of Justice in February 2022, reportedly built a global network of promoters, paying them commissions to attract new investors into the scheme.
"From November 2016 to January 2018, the accused individuals collected money from investors worldwide, including those in India," the report noted.
Meanwhile, the Indian government is reconsidering its stance on cryptocurrencies as global perspectives on digital assets continue to evolve.
