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‘.

An earlier report from the Ahmedabad Mirror also ties Savani, through his company Nestcode Infotech Pvt Ltd, to the collapsed BitsTrades Ponzi scheme.

Despite BitConnect collapsing roughly a year and a half ago and confirmation both the FBI and SEC are investigating, to date US authorities have made no related arrests.