The Pune police have launched a probe into an alleged multi-crore cryptocurrency fraud and have booked Satish Kumbhani, the founding father of cryptocurrency funding platform BitConnect, who was not too long ago indicted in a US courtroom on the costs of orchestrating a world Ponzi scheme price over USD 2.four billion.
A first info report within the case was registered on the Cyber Police station of Pune Metropolis Police on Tuesday evening by a Pune-based lawyer who advised the police that he misplaced near 220 bitcoins – equal to over Rs 42 crore as on Wednesday – by way of a number of cryptocurrency funding platforms. In his FIR, the lawyer has named Kumbhani (36) and 6 others. Senior Inspector D S Hake from the Cyber Crime Police Station stated a probe has been launched into the criticism.
The FIR states that the complainant was defrauded of his unique funding of 54 bitcoins and the returns of 166 bitcoins, which he was allegedly made to reinvest into the platforms. The transactions between the complainant and the suspects passed off between 2016 and June 2021. No arrests have been made within the case.
In accordance with their preliminary inquiries, police stated that Kumbhani, an Indian nationwide and founding father of BitConnect, was in February indicted of a 2.four billion USD cryptocurrency scheme. Kumbhani and his accomplices allegedly misled traders about BitConnect’s schemes. They claimed to have created tech-based purposes which might generate massive income on traders’ cash in cryptocurrency markets. It’s alleged that BitConnect operated as a Ponzi scheme of paying earlier traders with cash from new traders. Officers stated that the indictment alleges Kumbhani and his accomplices to have siphoned off 2.four billion USD from their traders.
