Ed seized $ 190 million of encryption assets

The India Enforcement Directorate (ED) made a breakthrough in the case of fraud in Bitconnect, as it seized $ 190 million encryption assets. The campaign comes after years of BitConnect, the Bonzi scheme that started in 2016, made investors worldwide, which led to the collapse of the distinctive symbol from $ 521 to $ 1 only.

The Indian ED seized $ 190 million in encryption

On February 15, ED issued a statement confirming the seizure of digital assets Nearly 1646 rupees ($ 190 million). This action was taken under the PMLa Laundering Law after the first information reports provided by the CID CRIME police station in Surat.

Along with the encrypted currency, the authorities seized $ 15,582 in cash, luxury four -wheel drive vehicles, and many digital devices during the Gujarat raids.

ED discovered that Bitconnect has created a network of transactions using multiple encryption portfolios. However, through advanced tracking techniques and intelligence collection, investigators have identified the main governor and their control units, which led to a recent campaign campaign.

Fraud background

Bitconnect, which was operated as an unregistered entity, created a wide network of promoters who got commissions by employing new investors. The founder of the platform, Satish Kompany, was accused by the US Department of Justice in February 2022 for fraud.

Under his leadership, BitConnect managed to raise amazing $ 2.4 billion before stopping it in 2018, after stopping and desist orders from American organizers.

With the continuous investigation of the ED and the last assets of the assets, the authorities are preparing efforts to bring the perpetrators to justice.