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HomeCrypto NewsMarketIndian Police Join U.S. in the Hunt For BitConnect Scam Mastermind Satish Kumbhani

Indian Police Join U.S. in the Hunt For BitConnect Scam Mastermind Satish Kumbhani


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Police in India joined US authorities in the search for the wanted mastermind of the crypto pyramid scheme, BitConnect.

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Back in 2016, a supposedly very “upcoming” and “innovative” crypto platform was launched. Its name was BitConnect. After attracting a lot of attention from interested investors who wanted quick and high returns, this platform soon spelled trouble for numerous people. It made them lose billions of dollars in a well-orchestrated pyramid scheme. 

The scam’s mastermind was an Indian known as Satish Kumbhani, who is now a person of much interest and wanted both in India and the United States.

The scheme worked by promising investors a whooping 10% ROI to be promptly paid out in the platform’s own token known as BCC (BitConnect). Users had to send in their investments in the form of Bitcoin (BTC). 

However, just like how the rest of pyramid schemes work, a lot of people ended up losing all their money when the mastermind disappeared with the stash of Bitcoins invested by the users.

How India Got Involved

However, until recently, Indian police hadn’t joined the search for the top fraudster. That seems to have changed now. This happened after an investor complained to the police, revealing that he had lost about 220 BTC in the scheme after being convinced by Satish and his cronies to invest 54 BTC and get 166 BTC as ROI.

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In September 2021, US authorities filed a case against Satish and his group of scammers and launched a manhunt for him. The mastermind went into hiding. US law enforcement has been on the hunt for him ever since. Now, it seems that their job has been made easier after their Indian counterparts joined the hunt.

As of now, US authorities have liquidated property belonging to Satish and worth $56 million to compensate victims of his scam art. Satish Kumbhani faces up to 70 years in jail if caught and convicted. 

As reported by The Crypto Basic, crypto-related scams are still a thorn in the flesh of the industry. Some of them have attempted to involve some popular cryptos known in the market. 

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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