Satish Kumbhani, founder of BitConnect gets arrested in San Diego for a billion US dollar scheme

Conspirators hid the location and ownership of the scam profits collected from investors by cycling, and transferring the funds across BitConnect's cluster of cryptocurrency wallets

Satish Kumbhani, founder of BitConnect gets arrested in San Diego for a billion US dollar scheme
Photo by Kanchanara / Unsplash

A federal grand jury indicted Satish Kumbhani, 36, BitConnect founder, on charges of operating a global Ponzi scheme.

Satish Kumbhani 

According to court records, Satish Kumbhani deceived investors about the company's "Lending Program". Now he has disappeared and is yet to be found.