BitConnect founder and wanted fugitive Satish Kumbhani has been tracked to Ahmedabad, a city in the Indian state of Gujurat.

As reported by the Economic Times on February 14th; following an investigation into crypto transactions, the Enforcement Directorate was able to seize crypto “assets worth ₹1,646 crore” (~$190 million USD).

Kumbhani, 36, will shortly be interrogated by the ED and is likely to be taken into custody, the people said, adding that to ensure that he doesn’t escape the country, the agency has issued a ‘look out circular’ against him.

I’m going to go out on a limb here and suggest in Kumbhani wasn’t apprehended by February 14th (the date of ET’s report), he’s probably on the run again.

Following the seizure of crypto assets on Wednesday, the ED will also commence restitution of proceeds of crime to the victims of the scandal, according to the people. These would include foreign nationals from various countries, they said.

BitConnect
was an MLM crypto investment scheme that pioneered the “lending” Ponzi model. The scam
collapsed
in 2017 through an epic $2.4 billion BCC token crash.

Satish Kumbhani (right), BitConnect’s founder, was
indicted in the US
in 2022.

Kumbhani, who has
ties to Dubai
, was reported to have
fled India
in the lead up to his US indictment. It appears at some point Kumbhani snuck back into India and had been living in secret.

At time of publication there are no updates on Kumbhani’s US criminal case docket. If Kumbhani is finally in custody, whether Indian authorities will extradite him to the US is unclear.

🤖 Quick Answer

Where has BitConnect founder Satish Kumbhani been tracked to?
Satish Kumbhani, the founder of the BitConnect cryptocurrency Ponzi scheme and a wanted fugitive, has been tracked to Ahmedabad, a major city in the Indian state of Gujarat. India's Enforcement Directorate located him following an extensive investigation into cryptocurrency transactions linked to the BitConnect fraud.

What assets were seized by the Enforcement Directorate in the BitConnect investigation?
The Enforcement Directorate seized cryptocurrency assets worth approximately ₹1,646 crore, equivalent to roughly $190 million USD. The seizure followed a thorough investigation into crypto transactions associated with BitConnect, one of the largest cryptocurrency fraud schemes in history, which defrauded investors worldwide of billions of dollars.

**What measures has the Enforcement Directorate taken to prevent Kumbhani from fleeing India

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