ED seizes ₹1646 Cr worth Crypto from Ahmedabad man in BitConnect Scam
The Enforcement Directorate (ED) has confiscated Rs 1,646 crore (approx $197 million) worth of cryptocurrencies in BitConnect scam. The operation, which was conducted in Ahmedabad, also resulted in the seizure of ₹13.50 lakh in cash, an SUV, and several digital devices, the officials said.
The BitConnect scam, which spanned globally, duped investors by promising massive returns through a supposedly “high-tech” trading bot. Founded by Satish Kumbhani, the platform promised up to 40% monthly profits by converting Bitcoin (BTC) into BitConnect’s own digital currency (BCC). This “Lending Program” also included a referral system, resembling a multi-level marketing (MLM) scam, where investors were encouraged to bring in more…
