Crypto Seizure India Uncovers $190M Assets

Indian Authorities Seize $190 Million in Crypto from BitConnect Scheme

• The Enforcement Directorate (ED) seized Rs 1,646 crore ($190 million) in crypto assets.
• Additional seizures included Rs 1.35 million ($15,550), an SUV, and digital devices.
• Searches occurred in Gujarat on February 11th and 15th.
• BitConnect co-founder Satish Kumbhani allegedly led a network of promoters.
• The scheme promised returns of up to 40% monthly but misused funds for personal wallets.

Indian authorities have confiscated nearly $190 million in cryptocurrencies linked to the fraudulent BitConnect Ponzi scheme, which falsely promised high returns to investors worldwide.