Property worth $5.5 million was seized from a promoter of the infamous Bitconnect cryptocurrency pyramid in the Indian state of Gujarat, reports The Times of India. This number includes 280 Bitcoins worth about $2.8 million at current exchange rates and land holdings worth $2.6 million.
The confiscation of property was carried out following the detention of a suspect in the promotion of fraudulent schemes, Rakesh Savani, last Friday. In addition to Bitconnect, Savani is expected to have been involved in at least two other cryptocurrency fraudulent schemes.
Previously, Savani accused local police of kidnapping him along with a business partner and demanding a $1.3 million ransom in Bitcoin.
The Criminal Investigation Division is currently awaiting a further court order regarding confiscated property in order to proceed with its evaluation and auctioning.
Last August, the alleged head of the Indian cell Bitconnect, Diviès Darji, was arrested.
Its interesting that people are getting arrested just for refer a friend feature in ponzi , what do you think is it good or not?
If there will be bitconnect v2 will you join?