Indian Police Arrest Another Alleged Bitconnect Scam Leader in Gujarat

Another alleged principle promoter of the failed $4 billion USD Bitconnect cryptocurrency Ponzi (now attempting resurrection) has been arrested in India, India Times reports.

Rakesh Savani was arrested in the coast city of Sujat in northwest India last Friday.

Authorities have also seized property and bitcoins belonging to Savani.

According to a CID crime statement:

“Apart from seizing two properties worth Rs 15 crore ($2.55 million USD) and 3.23 crore ($486 000 USD) belonging to the accused, the CID has also seized 280 bitcoins (worth ~$10 000 USD each)…making the seizure of bitcoins worth Rs 19.60 crore ($2.946 million USD).”

The CID’s crime statement also indicates that an order finalizing the seizures has yet to be received. Once obtained, the property will be auctioned at market rates.

The implications of the Bitconnect scam in India burst into public consciousness last year after a builder in Surat named Shailesh Bhatt claimed he and his business partner had been abducted by police officers from Amreli who demanded he transfer cryptocurrencies worth 9 crore ($1.353 USD) to them.

Bhatt later “absconded” however when police determined that, “Shailesh Bhatt himself was the main culprit in it and the tune of the fraudulent scam was over 150 crores ($22.547 million USD).”

Police also said Bhatt kidnapped two associates of the Bitconnect scam Bhatt believed had defrauded him.

According to Desh Gujarat, Bitconnect and other crypto ventures received a boost during “demonitization” in India in 2016.


Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!

Sponsored Links by DQ Promote

Send this to a friend