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ED Exposed US Warned Crypto Scam ”Bit Connect”
Abstract：The Indian Enforcement Directorate (ED) recently exposed a crypto scam from Bitconnect. The investigation took place between February 11th and 15th, 2025. The authority recovered bitcoin worth approximately Rs 1,646 crore & Rs 13.50 lakh in cash, a Lexus car, and digital devices. This investigation was conducted under the provisions of the Prevention of Money Laundering Act (PMLA) of 2002.
The Indian Enforcement Directorate (ED) recently exposed a crypto scam from Bitconnect. The investigation took place between February 11th and 15th, 2025. The authority recovered bitcoin worth approximately Rs 1,646 crore & Rs 13.50 lakh in cash, a Lexus car, and digital devices. This investigation was conducted under the provisions of the Prevention of Money Laundering Act (PMLA) of 2002.
How did ED reach out to this scam?
After receiving FIRs from the Surat Police Station's Crime Investigation Department, the ED started an investigation. According to the FIR, Bitconnect's founder, Satish Kumbhani, and his colleagues created a plan known as the 'lending program.' Between November 2016 and January 2018, the scammers guaranteed a huge return of 40%. Investors around the world were attracted to this scam and invested in this scheme.
The main culprit, Satish Kumbhani, and his group enticed investors by claiming that a volatility software trading bot would manage funds. They even showed fictitious returns on its website, suggesting annualized gains of 3,700%.
The authority said the network of transactions was purposefully hidden by various crypto wallets and dark web transactions. Agents were capable of identifying the main digital wallets and finding the location where the illicit money was kept.
But ED revealed there is no such bot that exists. “ED investigation revealed that during the period from November 2016 to January 2018, Satish Kumbhani, the promoter of Bitconnect Coin (a cryptocurrency), established a worldwide network of promoters and induced the public to invest in various investment schemes related to Bitconnect Coin by offering huge returns,” said a senior ED official.
In 2022, the US Securities and Exchange Commission (SEC) warned against Bitconnect and its scheme “Landing Program.”
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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