BitConnect founder Satish Kumbhani nowhere to be found after SEC's indictment
BitConnect founder Satish Kumbhani was nowhere to be found after the recent indictment by the SEC. Kumbhani, along with his U.S. promoter, Glenn Arcaro, was considered as the major suspect behind the $2 billion crypto scam and Ponzi scheme that was implemented via the cryptocurrency platform.
BitConnect founder vanishes?
Kumbhani was indicted, as per the official document from the Justice Department, for "orchestrating a global Ponzi scheme" using the BitConnect crypto platform, which caused a stir among regulatory authorities. The platform's market cap was $3.4 billion at the peak of its popularity.The US SEC had charged Kumbhani in late 2021. An Indian by origin, Kumbhani is now nowhere to be found, and it seems that no one knows where he is. The absence of Kumbhani can be seen in the official documents from the court filings. Senior trial counsel Richard G. Primoff stated in the filing:
"The Commission did not know the whereabouts of Kumbhani, an Indian citizen, at the time it filed this action, and BitConnect is an unincorporated entity the Commission must serve through its manager, Kumbhani."Primoff confirmed that the authorities have been in talks with Indian authorities to find out the address of the BitConnect founder since November. "At present, however, Kumbhani's location remains unknown, and the Commission remains unable to state when its efforts to locate him will be successful, if at all," added Primoff.
Indictment
As per the previous report from Cryptonary, the founder of BitConnect, "Kumbhani is charged with conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodity price manipulation, operation of an unlicensed money transmitting business, and conspiracy to commit international money laundering."It is to be noted that "if convicted of all counts, he (Kumbhani) faces a maximum total penalty of 70 years in prison." The investigation of the case is currently ongoing under the FBI Cleveland Field Office and IRS-CI.
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