Satish Kumbhani, the founder of BitConnect, has been indicted by a grand jury in San Diego, California, for 'orchestrating' a $2.4 billion global crypto ponzi scheme.
Kumbhani is also accused of conspiracy to commit wire fraud and price manipulation, as well as operating an unlicensed money transmitting business and conspiracy to commit international money laundering. Kumbhani faces a maximum sentence of 70 years in prison if convicted on all counts. Randy Grossman, the United States Attorney for the Southern District of California, stated, "This indictment alleges a massive cryptocurrency scheme that defrauded investors of more than $2 billion." The United States Attorney's Office and our law enforcement partners are dedicated to bringing cryptocurrency fraud victims to justice."