Indian Authorities Seize $189 Million in Crypto Linked to BitConnect

Indian authorities have made significant progress in the ongoing investigation into the BitConnect scam. The Enforcement Directorate (ED) in Ahmedabad has seized cryptocurrency assets worth $189 million, marking a major advancement in the case.

Under the Prevention of Money Laundering Act (PMLA), the ED conducted operations that resulted in the seizure of digital assets associated with BitConnect’s operators. Additionally, authorities confiscated over $15,000 in cash, a luxury vehicle, and several electronic devices during the raid.

BitConnect operated from November 2016 to January 2018, defrauding investors of an estimated $2.4 billion. The scheme’s promoters enticed victims with promises of high returns using a supposed “volatility software trading bot.”