BitConnect’s Indicted Founder Kumbhani Vanished, SEC Says
- Suspect ‘likely relocated from India,’ agency tells U.S. judge
- Prosecutors charged Kumbhani in $2.4 billion Ponzi scheme
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BitConnect founder Satish Kumbhani, charged in the U.S. last week with a $2.4 billion Ponzi scheme, has vanished from his native India, officials told a New York judge.
In September, before the criminal charges were filed, the U.S. Securities and Exchange Commission had sued Kumbhani, claiming he fraudulently raised more than $2 billion from investors in his cryptocurrency exchange platform. But the SEC didn’t know where he was and couldn’t serve him with the lawsuit.