INSUBCONTINENT EXCLUSIVE:
Last September, the United States market regulator had sued Satish Kumbhani.BitConnect founder Satish Kumbhani, charged criminally in the
United States last week with a $2.4 billion Ponzi scheme, has vanished from his native India, officials said.Last September, the Securities
and Exchange Commission separately sued Kumbhani, claiming he fraudulently raised more than $2 billion from investors in his cryptocurrency
But the SEC didn't know where he was and couldn't serve him with the lawsuit
Richard Primoff said in a court filing
comes to the United States , he could be arrested and potentially go to prison if he's convicted of charges in the indictment filed Friday
But in reality, the lending program was a massive Ponzi scheme that raised $2.4 billion from investors around the world before shutting down
investors to pay earlier ones, the United States said
He is charged with wire fraud, operating an unlicensed money transmitting business, and three conspiracies: to commit wire fraud; commodity
price manipulation; and international money laundering.Last September, BitConnect's top promoter in North America, Glenn Arcaro, pleaded
In November, prosecutors said they would sell about $57 million in cryptocurrency seized from Arcaro
