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
A federal grand jury indicted Satish Kumbhani, 36, BitConnect founder, on charges of operating a global Ponzi scheme.
According to court records, Satish Kumbhani deceived investors about the company's "Lending Program". Now he has disappeared and is yet to be found.