The Pune Police reportedly launched an investigation into an alleged multi-crore cryptocurrency fraud and arrested BitConnect founder Satish Kumbhani.
The investigation began after a Pune-based lawyer filed a first information report (FIR) at a local police station, alleging that he lost nearly 220 Bitcoins worth INR 42 Cr through multiple cryptocurrency platforms. The FIR, which named Kumbhani and six others as suspects in the alleged fraud, stated that the complainant invested INR 49 Lakh in 54 Bitcoins in 2016 and was allegedly promised 166 Bitcoins in return. Between 2016 and June 2021, the lawyer was allegedly forced to reinvest in various other Ponzi schemes.
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The Pune Police reportedly launched an investigation into an alleged multi-crore cryptocurrency fraud and arrested BitConnect founder Satish Kumbhani.
The investigation began after a Pune-based lawyer filed a first information report (FIR) at a local police station, alleging that he lost nearly 220 Bitcoins worth INR 42 Cr through multiple cryptocurrency platforms. The FIR, which named Kumbhani and six others as suspects in the alleged fraud, stated that the complainant invested INR 49 Lakh in 54 Bitcoins in 2016 and was allegedly promised 166 Bitcoins in return. Between 2016 and June 2021, the lawyer was allegedly forced to reinvest in various other Ponzi schemes.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
StartupNews.fyi is a leading global startup and technology media platform known for its end-to-end coverage of the startup ecosystem across India and key international markets. Launched with the vision of becoming a single gateway for founders, investors, and ecosystem enablers, StartupNews.fyi has grown steadily over the years by publishing tens of thousands of verified news stories, insights, and ecosystem updates, reaching millions of startup enthusiasts every month through its digital platforms and communities.
