A top Indian BitConnect investor was
arrested at Delhi airport
on Saturday.

Divyesh Darji was apprehended following a look-out notice issued as part of an
ongoing investigation
.

The Indian investigation has revealed
BitConnect
was launched as an attempt to circumvent regulation concerning black money.

In late 2016, the Indian government announced the
demonetization of  ₹500 and ₹1000 notes
. This was done in an attempt to combat a thriving shadow economy and ‘
use of illicit and counterfeit cash to fund illegal activity and terrorism
‘.

In an attempt to launder black money through cryptocurrency, BitConnect was launched in Surat, a city in the Indian state of Gujarat.

Darji was arrested after landing on a flight from Dubai, suggesting
other BitConnect top promoters
might also be hiding out there.

Indian authorities continue to investigate and hunt down BitConnect’s top promoters. Satish Kumbhani, Dhavl Mavani and Suresh Gorasiya are still wanted by police.

While we’ve received multiple confirmations that
US authorities are investigating BitConnect
, thus far no arrests have been made.

🤖 Quick Answer

Who was arrested at Delhi airport in connection with BitConnect?
Divyesh Darji, a prominent Indian BitConnect investor and affiliate, was arrested at Delhi airport following a look-out notice issued during an ongoing investigation into the cryptocurrency scheme's operations in India.

Why was BitConnect launched in India according to investigators?
Indian authorities revealed that BitConnect was established in Surat, Gujarat, as a mechanism to circumvent financial regulations and launder black money through cryptocurrency following the government's 2016 demonetization policy.

What triggered India's investigation into BitConnect activities?
The investigation emerged following India's 2016 demonetization of high-value currency notes, implemented to combat shadow economy operations and illicit cash usage funding illegal activities and terrorism financing.

What does Darji's arrest suggest about other BitConnect promoters?
Darji's apprehension upon arrival from Dubai indicates

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