Founder of $2 billion Ponzi Scheme Disappears After Indictment
Last year, the Securities and Exchange Commission (SEC) sued trading platform BitConnect for the $2.4 billion Ponzi Scheme. However, the financial watchdog doesn’t know how to serve court papers to Founder and CEO Satish Kumbhani – who reportedly disappeared this week.
Kumbhani is the brainchild of BitConnect – an online trading platform that allowed investors to exchange virtual currencies. However, the illegal part was a high-yield investment program. Kumbhani, an Indian citizen, has been accused of misleading investors about BitConnect’s lending operations, which promised investors large returns on their crypto.