India Seizes $250M in Assets Linked to BitConnect Crypto Scam

Authorities recover cryptocurrencies and properties in one of the largest crypto fraud investigations, but most funds remain unaccounted for.

Indian Enforcement Directorate seized $190 million in cryptocurrencies and $60 million in properties tied to the BitConnect Ponzi scheme.
The scheme, which promised 40% monthly returns, defrauded investors globally of approximately $2.4 billion between 2016 and 2018.
Investigators tracked crypto transactions through the dark web and identified wallets and devices used by those involved in the scam.
BitConnect founder Satish Kumbhani remains at large after fleeing India in 2022, while U.S. authorities continue their own investigations.
The recovered assets represent less than 10% of the estimated funds lost, with further investigations ongoing to locate additional holdings.