According to a report from the Indian Express, authorities in the country launched an investigation against Satish Kumbhani for his alleged participation in defrauding a person out of 220 Bitcoin (BTC). Kumbhani is the founder of BitConnect, found guilty by U.S. courts of supporting a worldwide Ponzi scheme worth $2.4 billion.
Now, Indian authorities are investigating Kumbhani and six suspects following a complaint introduced by a national. The complainant and the suspects were involved in several transactions across the span of 5 years.
The complainant made an investment of 54 Bitcoin (BTC) as an original investment in a project that promised him a return of 166 BTC. The legal documents filed with Indian authorities claim that Kumbhani and the other suspect defrauded the complainant of the total amount, around 220 Bitcoin.
The complaint was filed this past Tuesday, and as result authorities in the country started searching for more information about the extent of the alleged scam and the whereabouts of the suspects. The investigation has been unfruitful, at the time of writing.
In addition to the probe from Indian authorities, as mentioned, Kumbhani was accused in the U.S. of conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodity price manipulation, operation of an unlicensed money transmitting business, and conspiracy to commit international money laundering.
However, Kumbhani remains at large and could face up to 70…
