Key Takeaways:
- Indian authorities seized $190M in crypto linked to BitConnect’s Ponzi scheme, which defrauded investors globally.
- Additional assets, including cash, a vehicle, and electronic devices, were confiscated in Gujarat raids.
- BitConnect’s founder, Satish Kumbhani, was charged in the U.S., while some victims took extreme measures to recover losses.
Indian authorities have seized approximately $190 million worth of cryptocurrency tied to the infamous BitConnect Ponzi scheme, which collapsed in 2018 after defrauding investors worldwide.
The Enforcement Directorate (ED) in Ahmedabad carried out the confiscation as part of an ongoing probe into the fraudulent platform.
BREAKING :
— Ash Crypto (@Ashcryptoreal) February 16, 2025
🇮🇳 INDIA HAVE SEIZED $190 MILLION
IN CRYPTO, CASH AND LUXURY CARS
LINKED TO BITCONNECT SCAM. pic.twitter.com/LcgQltPnZy
The seized assets, found in Gujarat, included cash, an SUV, and electronic devices.
BitConnect, which operated between 2016 and 2018, allegedly scammed 4,000 investors across 95 countries, resulting in $2.4 billion in losses.
Its founder, Satish Kumbhani, was charged by the U.S. Department of Justice (DOJ) in 2022 for running a massive crypto-based Ponzi scheme.
Promoters were reportedly paid commissions to lure investors, who ultimately lost their funds when the scheme collapsed.
Some victims took drastic measures to recover their money.
In August 2024, an investor named Shailesh Babulal Bhatt allegedly kidnapped and extorted BitConnect employees, seizing Bitcoin, Litecoin, and cash worth millions.
The crackdown reflects a global effort to combat crypto fraud, with the FBI’s “Operation Level Up” claiming to have prevented $285 million in losses from crypto-related scams between 2024 and 2025.
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