Authorities in Surat, Gujurat arrested Rakesh Savani final Friday.
Savani is recognized as a “Asian area promoter” of BitConnect, the infamous MLM cryptocurrency Ponzi scheme.
Following Savani’s arrest, Gujurat authorities managed to grab Rs 19.6 crore value of properties ($2.6 million USD) and 280 bitcoin.
280 bitcoin was value round $3 million USD when BitConnect collapsed. Immediately the identical quantity of bitcoin is value $2.87 million.
In keeping with a July twenty second Occasions of India report, Rakesh Savani has been ‘remanded to coverage custody till July 25‘.
An earlier report from the Ahmedabad Mirror additionally ties Savani, by way of his firm Nestcode Infotech Pvt Ltd, to the collapsed BitsTrades Ponzi scheme.
Regardless of BitConnect collapsing roughly a 12 months and a half in the past and affirmation each the FBI and SEC are investigating, so far US authorities have made no associated arrests.