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India Seizes $190M in Crypto in Massive BitConnect Fraud Investigation
Indian authorities have made a significant breakthrough in the ongoing investigation into the notorious BitConnect Ponzi scheme, seizing a staggering ₹1,646 crore ($190 million) in cryptocurrency. The Enforcement Directorate (ED), Ahmedabad, executed the operation under the Prevention of Money Laundering Act (PMLA), 2002.
The dramatic move comes as part of an ongoing effort to track and recover assets linked to the massive fraud. Authorities also seized ₹13,50,500 ($15,582) in cash, a luxury vehicle, and electronic devices during raids in Gujarat on February 11th and 15th. The investigation stems from First Information Reports (FIRs) filed by the Crime Investigation Department (CID) in Surat.
The ED’s move is a significant step forward in unraveling the complex web of cryptocurrency transactions linked to BitConnect, which is estimated to have defrauded over 4,000 investors across 95 countries. The scam resulted in a staggering $2.4 billion in losses.
According to sources close to the investigation, BitConnect promised its users an astonishing 1% daily profit, amounting to an annual return of 3,700%. Investors were encouraged to deposit funds in Bitcoin or cash, only to find out that their investments were not invested in trading, but rather siphoned off by the perpetrators.
The seizure comes as authorities continue to work tirelessly to track down hidden cryptocurrency wallets linked to the BitConnect Ponzi scheme. Notably, this case serves as a stark reminder of the dangers posed by unregulated cryptocurrency markets and the need for increased vigilance and cooperation between law enforcement agencies worldwide.
In related news, the FBI’s Operation Level Up recently reported that it prevented $285 million in potential crypto fraud losses between January 2024 and January 2025.
Source: coinchapter.com
