India Cracks Down on $198M Crypto Fraud, One of the Largest in History
India’s Directorate of Enforcement (ED) seized cryptocurrencies worth $198 million in a probe into the Bitconnect fraud.
The investigation, conducted under the Prevention of Money-Laundering Act, uncovered that Bitconnect, which operated between 2016 and 2018, defrauded global investors by promising high returns through a bogus “Lending Program.” The scheme, which falsely claimed returns of 40% per month, collapsed in 2018.
The ED traced the stolen funds to digital wallets controlled by the accused and recovered cryptocurrencies, cash, and assets. U.S. authorities have already charged Bitconnect’s founder and promoters for fraud and money laundering.
Clever Robot News Desk 18th February 2025
