Senior BitConnect Promotor Arrested by Indian Authorities

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A promoter of the controversial cryptocurrency platform BitConnect was arrested on August 19, based on a local news outlet in India. Former BitConnect India mind Divyesh Darji was detained at Indira Gandhi International Airport in New Delhi on Sunday, the India Express reported. Criminal Investigation Department of the Gujurat Police declared arrested Darji after receiving an alert from the country’s immigration agency. According to P. G. Narwade, an inspector from the police department, Darji was en route from Dubai to the town of Ahmedabad when he was arrested. He explained. The defendants had seminars, events in India along with other nations asserting High interest, daily rate of interest of 1%, on investment in BitConnect coins.

The price of one BitConnect coin on January 16, 2018, when the firm shut down, was USD 362. As CoinDesk reported, BitConnect’s financing service was closed down this past January after regulators in Texas and North Carolina said the company was participating in the sale of unregistered securities tied to a token sale. The shutdown resulted in the startup’s BCC token’s price crashing, falling from its high of $400 in the start of the year to $17.25 on Jan. 17. The token is currently trading below 70 cents as of press time. Additionally To the unregistered security sales, BitConnect was also famously accused of conducting a Ponzi scheme, especially after a few Prominent personalities from the crypto community levied criticisms against it, for example, founder of ethereum, Vitalik Buterin.

Following the stage’s shutdown, former BitConnect investor and promoter Trevon James said the Federal Bureau of Investigation had begun exploring the undertaking, based on a YouTube video he submitted in March. Police car picture via Shutterstock. The leader in blockchain information, CoinDesk is a media outlet that tries for the greatest journalistic standards and adheres to a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Sources:
coindesk.com
India Express reported
shut down
crashing
Vitalik Buterin
begun investigating
Police car
strict set of editorial policies

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