In a complaint about missing bitcoin, a lawyer who chose to remain anonymous named BitConnect Founder Satish Kumbhani and six other people.
Satish Kumbhani is the founder of the crypto protocol BitConnect. An investor named him in a complaint about missing bitcoins, so Indian police are looking for him in the city of Pune in the southwest of the country.
A local lawyer filed the complaint, which is called a First Information Report (FIR) after he said he lost close to 220 bitcoins worth Rs 420 million ($5.2 million) through multiple cryptocurrency investment platforms. A police officer who contacted correspondence about the case said that the lawyer lost the bitcoins through multiple platforms.
The police make a First Information Report after they check the facts of the complaint. It is an official report that needs to be looked into.
BitConnect was a popular project during the ICO craze in the middle of 2017. It was started in 2016. It got billions of dollars from investors for a protocol that was supposed to pay out interest earnings of 10 per cent through its BCC token. Even more, benefits were given to users who brought in new investors.
In February, Kumbhani went missing after being charged with running a $2.4 billion Ponzi scheme that scammed investors in the U.S.
The lawyer, who was not named, named Kumbhani and six others and said he was scammed out of his original investment of 54 bitcoins and the returns of 166 bitcoins that he was forced to reinvest into platforms between 2016 and 2021. Indian Express first reported the filing.
In a legal document filed earlier this year, U.S. officials said that Kumbhani had likely left India, and no one knew where he was.
