BitConnect founder Satish Kumbhani appears to have vanished after being convicted in a civil suit and charged criminally by U.S. officials last week in connection with the $2.4 billion Ponzi scheme. shauryamalwa reports.
BitConnect founder Satish Kumbhani is nowhere to be found a week after getting convicted in the $2.4 billion Ponzi scheme that is said to have defrauded investors in the U.S.
“The Commission did not know the whereabouts of Kumbhani, an Indian citizen, at the time it filed this action, and BitConnect is an unincorporated entity the Commission must serve through its manager, Kumbhani,” said senior trial counsel Richard G. Primoff in the filing. But BitConnect – which was increasingly facing scrutiny from lawmakers and investors for its product – saw platform administrators closing the earning platform on January 16, 2018. Prices of BCC plummeted to below $1 from a previous high of nearly $500 in a few days after the platform’s closure.
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