In the Indian state of Gujarat, 280 BTC were confiscated from the former promoter of the cryptocurrency pyramid Bitconnect, as well as land holdings worth $ 2.6 million.
Last Friday, Indian law enforcers detained Rakesh Savani, a suspect in the promotion of fraudulent schemes, and detained him until July 25. The scam was revealed after Sawani declared that local police abducted him along with a business partner and demanded a ransom of $ 1.3 million in bitcoins. As a result of his detention, assets worth a total of $ 5.5 million were seized from Sawani. In addition, law enforcement officers suspect that, in addition to Bitconnect, Savani attracted participants to at least two more fraudulent schemes using cryptocurrencies.
Police said the investigation revealed that Indian investors had invested at least $ 1.8 in Bitconnect. However, this amount is unlikely to be final. Therefore, the police are asking all investors who have been deceived to make a complaint.
At the moment, the court must make a decision regarding the confiscated property, so that the criminal investigation department can proceed to its assessment and put it up for auction.
Recall that the alleged head of the Indian cell Bitconnect Diviesh Darji was arrested
Indian law enforcement officers in August last year.