Indian regulators subtract $ 190 million in CRYPTO from BitConnect

Indian implementation authorities have occupied cryptocurstity worth 190 million dollars (RS 1,646 crore) regarding the BitConnect investigation.

According to the report by Indian ExpressEnforcement Administration (ED) in Ahmedabadu – law enforcement agency responsible for researching economic crimes and financial fraud – conducted searches across Gujart 11. and 15. February 15. February.

Ed also took $ 16,300 (Rs 13,50,500) in cash, SUV and various digital devices.

The investigation falls under the prevention of money laundering law (PMLa), after initial cases registered by Surat CID police station CID crime.

Bitconnect promised investors up to 40%

According to Ed Official, BitConnect worked worldwide between November 2016 and January 2018 years, aimed investors around the world, including India. The decorative organization has created an extensive network of promoters who received the Commissions for Bringing New Investors.

In 2016, the BitConnect Ponzi scheme was disguised by the investment program of high yield, where investors were cheated in the acquisition of BitConnect coins and promised a return to 40% per month through the assumed “Volatility Software.

The platform allegedly displayed “fictitious” returns on his web portal, claiming that approximately 1% per day return, equivalent to 3,700% per year.

However, as with any ponzian scheme, BitConnect operators paid for investors are returned to the funds requested from newer investors. During its two-year-old guidance, the scheme became $ 2.4 billion in victims around the world, and with a scheme and token collapse After the US state regulators were issued Cancel and giving up orders.

However, investigators call false claims, so that BitConnect redirects investors’ funds into digital banknotes, which is accused, instead of trading.

ED’s investigation revealed a complex network of cryptocurnancy transactions, many were conducted through a dark network to hide their origins. Despite these challenges, the authorities successfully followed several web wallets and located digital devices that hide cryptocurrency through ground floor intelligence.

This seizure adds earlier ED shares in the case, which included the attachment of funds worth $ 56.5 million (RS 489 Crore). Sources show that foreign nationals were among BitConnect investors, and the American federal authorities are investigating the “Chief Accused”.