Another BitConnect promoter arrested in India, 280 BTC & assets seized
Authorities in Surat, Gujurat arrested Rakesh Savani last Friday.
Savani is identified as a “Asian region promoter” of BitConnect, the notorious MLM cryptocurrency Ponzi scheme.
Following Savani’s arrest, Gujurat authorities managed to seize Rs 19.6 crore worth of properties ($2.6 million USD) and 280 bitcoin.
280 bitcoin was worth around $3 million USD when BitConnect collapsed. Today the same amount of bitcoin is worth $2.87 million.
According to a July 22nd Times of India report, Rakesh Savani has been ‘remanded to policy custody until July 25‘.