Mastermind of History’s Biggest Crypto Scam, Arrested

Aug 20, 2018 at 22:03

Local news DNA India reported that Darji was caught upon his arrival from Dubai, identifying Darji as the Asia chief of the BitConnect platform, which is registered in the United Kingdom but operated from the Burj Khalifa tower in Dubai.

Indian State Police Director General Ashish Bhatia said cornering Darji thanks to a lookout notifying the BitConnect official’s being brought to Gandhinagar on the weekend.

Darji and his colleagues were accused of extracting Rs 88,000 crore from investors, an amount said to be coursed through his company. The firm’s initial coin offering rolled out in December 2016 and saw the value of its BCC token soar to an all-time high market cap of $2.6 billion in January this year.

However, around also this time, BCC values dwindled to zero amid consecutive cease and desist orders issued by the regulators. BitConnect’s announcement to close down affirmed suspicions that the platform twas a hoax.

Several renowned names such as Mahendra Chaudhari and Satish Kumbhani, have surfaced during the long-standing investigation on the fraud.

The BitConnect platform succeeded in influencing the Indian markets to be drawn to cryptocurrencies in general.

The hunt for BitConnect kingpins have also resulted in the arrest of Surat-based builder and BitConnect investor Shailesh Bhat for kidnapping employees of the firm’s promoter Satish Kumbhani to extort thousands of Bitcoins.