US Authorities Gameplan How to Recover $5.6 Billion in BitConnect Ponzi Scam


US Authorities Try to Recover $5.6B from BitConnect Scammers

There is some terrible news surrounding Bitconnect – allegedly, scammers, who are allegedly the platform’s owners, laundered funds after several bank notes devalued in 2016.

US authorities became aware of the money laundering after US citizens notified them that they had been impacted. Specifically, authorities in Arizona and Illinois have written to India’s Criminal Investigation Department looking for assistance in seizing what is left of the laundered assets.

US authorities speculate that in total, the scammers laundered about $5.6 billion in funds. This figure would make BitConnect the largest MLM ponzi to date.

Currently, Indian authorities are actively looking into the situation and determining whether they have authority to seize the assets. The individuals specifically identified in the scheme are Satish Kumbhani and Divyesh Darji. Together, they founded and operated the platform. The latter was arrested as he tried to enter India on a flight back from Dubai. As for the former, he is still being tracked by authorities, which believe that he is in either South Korea or Dubai.

In the United States, authorities are seeking top Bitconnect investors, including Trevon James Brown, who was subpoenaed to appear before the SEC on September 4, 2018. Another promoter, Calen Powell, was detained by the FBI in august. Finally, Glenn Arcaro fled from the United States before BitConnect collapsed.

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