The prosecutor noted that the transactions between him and the suspects took place between 2016 and June 2021, citing six other people allegedly involved in the fraud besides Kompany. The report indicates that no arrests were made in the case.
BitConnect is one of the biggest fraud schemes in crypto history, with Ponzi coordinators reportedly fraudulently collecting about $2.4 billion from misleading investors. BitConnect launched in February 2016, powering a platform and cryptocurrency, shutting down in January 2018, and eventually disappearing with the investors’ money from the founders.
Although BitConnect has been halting operations for years, the BitConnect case has seen a lot of action recently, with the Department of Justice charging Kumbhani for organizing the BitConnect fraud scheme in February 2022.
The US Securities and Exchange Commission (SEC) later said that the authority was unable to locate the missing co-founder of BitConnect. In a lawsuit in late February, the Securities and Exchange Commission noted that the Company’s last known location was in its native India.
Related: Dutch authorities have arrested the suspected developer of Tornado Cash
BitConnect is not the only crypto scam that its major regulators are currently missing out on. Prosecutors and global authorities are also investigating frauds such as OneCoin, a $4 billion Ponzi scheme that went out of business in late 2019.
Ruja Ignatova, Bulgarian-German OneCoin creator, was added to the FBI’s 10 Most Wanted list in June 2022. Ignatova, widely referred to as “Cryptoqueen” in the crypto community, was seen in 2017.