India Seizes $190m Crypto Linked To BitConnect

India’s law enforcement agencies have seized $190 million in cryptocurrency tied to the infamous BitConnect Ponzi scheme.

The raids, conducted between February 11 and 15, 2025, also led to the seizure of $15,582 in cash, a luxury SUV, and various electronic devices.

The Enforcement Directorate (ED) initiated the investigation under the Prevention of Money-Laundering Act (PMLA) based on FIRs filed by the CID crime police in Surat. The BitConnect scheme collapsed just two years after collecting over $2.4 billion from investors, prompting cease-and-desist orders from US regulators.

The ED, responsible for investigating financial fraud in India, revealed that between November 2016 and January 2018, BitConnect’s founder established an international network of paid promoters. These promoters convinced investors to deposit funds in cash and Bitcoin, promising high returns of over 40% monthly. Investors were urged to buy BitConnect Coins as part of a high-yield investment scheme, which was presented as a profitable venture using a “volatility software trading bot.”

However, these promises were nothing but a scam. The founder of BitConnect did not use the funds for trading; instead, they simply collected money from investors and funneled it into digital wallets. The ED’s investigation involved tracing a complex web of transactions conducted across multiple crypto wallets, many of which were on the dark web to conceal their origin.

Despite the scheme’s secrecy, the ED managed to track these transactions, uncovering crucial evidence. Foreign nationals also participated in the scheme, and the founder remains under investigation in the US.

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