It will just be a matter of time until authorities catch up on BitConnect founder Satish Kumbhani and face the charges against him.
Kumbhani was accused by a US federal grand jury for orchestrating a $2.4 billion bitcoin Ponzi scam.
He was charged with wire fraud, commodities price manipulation, operating an unregistered money transmitting business.
Kumbhani also faces conspiracy to commit international money laundering, the US Department of Justice said Friday.
The 36-year-old Kumbhani, of Hemal, India, is still on the run following his 2018 abandonment of the program. If convicted of all charges, he faces up to 70 years behind bars.
Kumbhani is charged with scamming investors over BitConnect’s cryptocurrency “loan program,” in which he claimed the company’s patented technology would create big rewards for investors by watching crypto exchange markets.
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BitConnect Founder Went Too Far
Kumbhani and his co-conspirators promoted the cryptocurrency investing platform’s “BitConnect Trading Bot” and “Volatility Software” as being capable of generating guaranteed returns by trading on the cryptocurrency exchange market’s volatility.
BitConnect was a phony bitcoin investment platform that began in 2016 and had a peak market valuation of $3.5 billion, according to the DOJ.
After a year, the BitConnect founder terminated the lending program, but…
