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The founder of cryptocurrency investment platform BitConnect, an Indian national, has been indicted on charges of orchestrating a global Ponzi scheme worth $2.4 billion, federal prosecutors said. According to court documents, Satish Kumbhani (36) of Hemal in Gujarat misled investors about BitConnect's "Lending Program." BitConnect reached a peak market capitalisation of $3.4
A grand jury in the U.S’ San Diego has indicted BitConnect founder, Satish Kumbhani, for a global crypto ponzi scheme worth $2.4 Bn.
<p><span>A federal grand jury in San Diego returned an indictment today charging the founder of BitConnect with orchestrating a global Ponzi scheme. BitConnect is an alleged fraudulent cryptocurrency investment platform that reached a peak market capitalization of $3.4 billion.</span></p>
Satish Kumbhani has been charged with organizing a global Ponzi scam worth USD 2.4 billion
Throughout 2021, the SEC followed through on its commitment to aggressively enforce the federal securities laws in digital assets markets. These efforts have resulted in the SEC...