Ponzi Record

India (operated worldwide) ยท Not stated in the Justice Department release, which says the Lending Program was shut about a year after it began

BitConnect

The Justice Department alleged that BitConnect marketed a Lending Program backed by a purported trading bot and Volatility Software that promised substantial guaranteed returns, and that it operated as a Ponzi scheme paying earlier investors with money from later investors.1

Losses as statedThe Justice Department said BitConnect obtained about $2.4 billion from investors and reached a peak market capitalisation of $3.4 billion.1
Victims as statedNot stated in the sources reviewed.
Recovered for investorsNot confirmed in the sources reviewed.

People and outcomes

Satish Kumbhani

Indicted by a federal grand jury in San Diego on 25 February 2022 on charges including conspiracy to commit wire fraud, wire fraud, commodity price manipulation conspiracy, operating an unlicensed money transmitting business and international money laundering conspiracy. Not convicted. The Justice Department said on 25 February 2022 that he was at large. No arrest or later change in status was found in the sources reviewed as of 28 October 2026.1

Response: No public response is recorded in the sources reviewed. An indictment is an allegation and he is presumed innocent unless proven guilty.1

Timeline

  1. Federal grand jury in San Diego indicts Satish Kumbhani.1

Sources

  1. US Department of Justice, BitConnect founder indicted in global $2.4 billion cryptocurrency scheme (25 February 2022)