The scammed person alleges that he lost a total of 220 bitcoins due to the misleading offers of BitConnect. The founder of the entity has been a fugitive since February of this year, and has already been prosecuted in a number of countries.
- Authorities in India accuse the founder of BitConnet for crimes of fraud
- BitConnect and its top managers have open investigations in many countries.
- Satish Kumbhani, founder of BitConnect, has been on the run since February of this year.
Despite being a well known scam a scheme that is designed to dupe people out of cash or crypto. with many legal processes against it, the main creator of BitConnect, Satish Kumbhani, now adds to his long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. repertoire of accusations a new investigation by the authorities in India.
Another complaint against the creator of BitConnect
According to a report published by the media Indian Express , local authorities are reportedly on the lookout for Kumbhani because of a scam complaint filed by a victim, who alleged that he lost about 220 bitcoins estimated at about USD $4.7 million at the time of editing.
According to the report submitted by his lawyer, the victim was swindled by Kumbhani, as he lost around 54 BTC to derive profits through misleading investment offers. It also alleges that both the founder and six other individuals associated with BitConnect took possession of his alleged winnings, which were never turned over to him.
La denuncia presentada por el abogado del afectado cumplió con todos los criterios y requisitos básicos para dar paso a una investigación oficial, por lo que este nuevo proceso en contra de Kumbhani se suma a la larga lista de asuntos legales que tiene pendientes. Vale destacar que el creador de BitConnect has been on the run since February of this year.
Founded in 2017 and closed in 2018, BitConnect was known as one of the most prominent scams in the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. space, which had an international reach, raised a large amount of capital capital is most commonly defined as the large sum of money you would use to invest. and collapsed amidst a large number of complaints in different countries.
Beyond the commercialization of its own cryptocurrency and the launch of the Bot trading which would derive excessively high returns, to BitConnect is accused of operating a pyramid scheme, as its referral scheme also sought to attract a larger number of victims, and part of the capital raised from new members was used to remunerate older members, creating an inorganic model that was unviable if revenues fell.
About their cryptocurrency, it was known as BCC, which opened at around USD $500 per unit and then fell to less than USD $1, hurting mainly those who expected the currency currency is a medium of exchange that defines value. to appreciate over time.
Currently, the company and its executives are being prosecuted in a large number of countries. Even the U.S. Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC), filed charges against BitConnect, specifically targeting Kumbhani for scamming offenses. Authorities are also on the lookout for promoters and members of the organization, who are still luring unsuspecting people with deceptive offers.
Finally, BitConnect left us with one of the most memorable memes in the cryptocurrency space, where one of the main promoters of the company, Carlos Matos, became world famous for being the visible face of one of the most emblematic scams in history.
- US Justice Department to sell USD $56M worth of crypto to compensate BitConnect victims
- BitConnect CEO and principal promoter pleads guilty to racketeering offenses
- SEC Files Legal Charges, Indicts BitConnect Founder for Large-Scale Ripoff
Article by Angel Di Matteo / DiarioBitcoin
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