India's law enforcement reportedly seized crypto assets linked to the BitConnect Ponzi scheme, which scam hundreds of casualties before it collapsed in 2018.
Indian Express Report The Enforcement Bureau (ED) seized almost $190 million of Crypto assets during investigation of Rs (Indian Rupee) or Bitconnect.
The agency responsible for enforcing Indian economic law and fighting Indian financial crimes has been 1.35 lakh ($15,550), SUV and SUV during a search in Gujarat, India on February 11 and 15. Digital device has been seized.
The ED is said to have raised funds from investors around the world, including participants in India, from November 2016 to January 2018.
BitConnect co-founder Satish Kumbhani is said to have established a network of promoters who received fees when investors tempted them to deposit cash and Bitcoin (BTC) into a lending program.
The promoter is also Posted Fictional information about the BitConnect web portal claims an average daily return of 1% or approximately 3,700% per year.
Despite the statement that BitConnect can generate up to 40% monthly returns using its own trading bot, the perpetrators of the scheme do not use the invested funds for trading and have controlled them. They say they left it in their wallet.
Authorities also say that crypto wallets have performed transactions over the dark web to make them untrackable, but by collecting on-chain transactions and ground information, the agency has the ability to qualify for devices that hold cryptocurrency. We have identified the wallet and location of the wallet.
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