Indian authorities have seized ₹4.3 billion in cryptocurrency, gold and cash ($51.9 million USD).

As reported by The Hindu on April 1st, the assets are tied to BitConnect’s “Divyesh Darji and others”.

The ED probe is based on the First Information Reports registered by the Surat police in Gujarat under various provisions of the Indian Penal Code, Gujarat Protection of Interests of Depositors Act, and the Prize Cheat Money Circulation Scheme Banning Act.

Among those named as accused are Mr. Darji, Satish Kumbhani, and Shailesh Bhatt.

BitConnect was a multi-billion MLM crypto Ponzi that collapsed in 2018.

Indian authorities claim BitConnect was created by Satish Kumbhani, Divyesh Darji and Gautam Lathiya.

The trio sought to evade demonetization laws related to black money, brought into effect by the Indian government in late 2016.

Satish Kumbhani has been arrested twice by Indian authorities but both times was released on bail.

After being released, Kumbhani promptly fled the country. Following his second 2019 arrest, Kumbhani is believed to have again fled to Dubai.

Kumbhani remains wanted by Indian authorities. He has also been indicted in the US and has an open arrest warrant out on him.

Divyesh Darji was arrested in 2018 on a flight returning from Dubai. What happened after that is unclear but, like Kumbhani, Darji is believed to have been released and fled back to Dubai.

Shailesh Bhatt is/was a local builder from Gujarat. He was arrested in 2018 following a messy BitConnect related kidnap extortion plot.  Bhatt’s status after his arrest is unclear.