The Indian authorities carried out a major operation within the scope of the investigation into the collapsing global Bitconnect fraud in 2018. Ahmedabad -based additional executive board seized approximately $ 190 million crypto money, which was found to be connected to the Bitconnect scheme. During the investigation, cash, a SUV and various electronic devices were seized. Authorities, operations are carried out to trace the international fraud network, he said.
Bitconnect fraud and operations in India
Additional Executive Board, Bitconnect fraud, involved in the investment funds announced. As a result of operations, RS 1,646 CRORE (about 190 million dollars) was seized in India. Authorities announced that the assets of individuals associated with the fraud scheme were confiscated and the investigation continued.
Launched by Satish Kumbhani in 2016, Bitconnect has aroused a great impact in the crypto currency market with the promise of high returns. However, the platform, which suddenly closed in 2018, gave about $ 2.4 billion losses for more than 4,000 investors worldwide. Indian officials reported that the investigation also examined the global fraud links.
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Authorities, crypto currency fraud luxury vehicles, cash money and electronic devices also seized. It was emphasized that India’s investigation is important for preventing other similar cases.
Bitconnect victims and reactions of investors
Bitconnect fraud has victimized thousands of investors around the world. Investors who suffered great losses with the closure of the platform sought various ways to compensate for their damages. In India, some victims demanded crypto currency and cash from the people allegedly involved in fraud.
For example, one of the victims Shailesh Babulal Bhatt, Bitcoin, under pressureing some employees associated with Bitconnect 
$97,306.05Litecoin 
$132.48 And came up on the agenda for claiming that he demanded cash. Authorities, the victims’ efforts to save themselves, said the examination.
The operation in India brought calls to increase regulatory measures in the crypto currency market. Authorities warned that crypto currency investors should be careful against similar frauds in the future.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
