Recently, a scam case has been reported to Indian Police in Pune which is under Maharashtra Police against Bit Connect founder: Satish Kumbhani who has done a scam by using the Crypto Ponzi scheme. The complaint has been filed for stealing around 5.2 billion or 220 bitcoins which is a very big number.
The victim of the scam mentioned the transactions of money that were going on for 5 to 6 years from 2016 to 21 between them and also about the regular calls. According to him, this Ponzi Scheme must be having a team to do this all and not a single member and must be including full planning for it.
According to the sources, this scheme is seen to be as popular and one of the biggest scams in cryptocurrency. There are investigations going on him. He has also named some of the team members who were working on it but according to reports, they haven’t got arrested yet. There are many charges implied on them like of doing fraud, misleading people, manipulating the price, etc. These malpractices only curtail the trust of the users. While the U.S. is trying to help over this.
The authorities of the United States of America have provided a platform where the ones who get stuck in scams could get something as compensation and raised around 2.4 billion. They can understand that as everything is preferably digital now through the internet, they do not want to lose the interest of users.
Furthermore, the authorities are trying to reach him as his accusations have been made. They are finding him with SEC or the Securities and Exchange Commission. According to them, his last location is seen as being India.
According to Police reports, there have been many scams seen yet of cybercrime, cyberbullying, money spam, etc, etc but they do not stay resolved for much longer. And also, price manipulation is seen to be as too high in percentage. But, The Indian police are trying to solve every single case with 100% hard work and efficiency so that no culprit could move sparely and should be knowing their repercussions.