India’s Executive Bureau (ED) seized a groundbreaking password asset in the Bitconnect Cryptocurrency fraud. A few years after the Bitconnect, which began in 2016, the crackdown was collapsed from $ 521 to $ 1, with investors around the world.
India’s ED seized $ 190 million by encryption.
On February 15, AHMEDABAD’s ED issued a statement that confirmed about 164.6 billion rupees ($ 190 million) to seize digital assets. This measure was taken according to the prevention of money laundry (PMLA) in accordance with FIR (First Information Reports) raised by Surat’s CID Criminal Police Station.
Along with Cryptocurrency, the authorities seized $ 15,582 with cash, advanced SUVs and several digital devices during air strikes performed in Gujarat.
ED found that Bitconnect’s operator used multiple encryption wallets to create a trading web. However, through high -quality tracking technology and intelligence collection, the researchers identified major wallets and controllers, causing recent crackdowns.
Background of bitconnect fraud
BitConnect, a unregistered company, established a vast promotion network that recruited new investors and received commissions. The founder of the platform, Satish Kumbhani, was accused of fraud mastering in February 2022.
Under his leadership, Bitconnect collected $ 2.4 billion before it was closed in 2018, following the US regulatory order.
With the ongoing investigation of ED and the recent seizure of assets, the authorities are strengthening their efforts to bring the criminal to justice.