Indian police seek BitConnect founder in probe involving almost $5 million in Bitcoin
Indian authorities are looking for the founder of crypto investment protocol BitConnect Satish Kumbhani over a scam involving Bitcoin (BTC). Kumbhani is being sought after a complaint was lodged against him for defrauding a man of almost 220 Bitcoins ($4.7 milion) in the sprawling city of Pune, Indian Express reported on August 18.
A Pune-based lawyer filed the First Information Report (FIR) with the police claiming that the accused defrauded him of his original investment of 54 Bitcoins. It is worth mentioning that authorities prepare the filing under the First Information Report after initial verification that the complaint lodged meets the basic requirements for an official investigation. The lawyer who sought anonymity accused Kumbhani and six others of also defrauding him of the returns of 166 BTC that he reinvested into different platforms between 2016 and 2021.
Source
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