Indian authorities have seized nearly $190 million in crypto linked to BitConnect as part of an ongoing probe into the Ponzi scheme, which collapsed in 2018.
The Enforcement Directorate (ED) in Ahmedabad confiscated ₹1,646 crore ($190M) in crypto, along with ₹13,50,500 (~$15,582), an SUV, and electronic devices during Gujarat raids on Feb. 11 and 15.
The assets allegedly belonged to BitConnect associates. The scheme defrauded 4,000 investors across 95 countries, with losses estimated at $2.4 billion.
BitConnect founder Satish Kumbhani, charged by the US in 2022, allegedly built a global promoter network that lured investors. Between 2016 and 2018, the scheme collected funds worldwide, including from India.
