Altcoin News: Police Sized 280 BTC from Ex-Promoter of BitConnect in India

July 23, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Property worth $5.5 million was seized from the promoter of the notorious cryptocurrency pyramid BitConnect in the Indian state of Gujarat, reports The Times of India.

This number includes 280 Bitcoins or about $2.8 million at the current exchange rate and land holdings worth $2.6 million.

The property was confiscated following the arrest of Rakesh Savani, Asian region promoter of BitConnet a suspect in promoting fraudulent schemes, last Friday. It is assumed that, in addition to BitConnect, Sawani participated in attracting participants to at least two more fraudulent schemes using cryptocurrencies.

Earlier, Sawani accused local policemen of having kidnapped him along with a business partner and demanded a ransom of Bitcoins in the amount of $1.3 million.

Currently, the criminal investigation department is awaiting further court orders regarding the confiscated property in order to proceed with its assessment and auction.

Last August, the alleged head of the Indian BitConnect cell, Divyes Darjee, was arrested.

Author: Marko Vidrih