The SEC has tracked down BitConnect mastermind Satish Kumbhani in India.

As per a Proof of Service filing dated June 3rd, The Enforcement Directorate (ED) in Ahmedabad served Kumbhani in person on May 22nd, 2025.

Kumbhani, aka Satishkumar Kurjibhal Kumbhani, acknowledged service via signature the same day.

While this means the SEC’s civil fraud case against Kumbhani can proceed, it also raises a few questions.

BitConnect was an MLM crypto Ponzi that defrauded consumers out of at least $2.4 billion.

In addition to the SEC’s civil fraud case against Kumbhani (right), filed in September 2021, Kumbhani was indicted on criminal fraud charges in February 2022.

So why haven’t Indian authorities arrested Kumbhani and extradited him off to the US yet?

Well here’s where things get tricky. Around the time BitConnect collapsed Kumbhani fled to Dubai. At some point he snuck back into India and had been secretly living in Ahmedabad, Gujarat.

The tricky bit is Indian authorities have their own criminal cases registered against Kumbhani. The last official update we had was the ED interrogating Kumbhani in February 2025.

There was talk of taking him into custody but Kumbhani’s status after 2025 remains unclear.

The ED being able to serve Kumbhani in Ahmedabad suggests he might have been arrested and in custody, but there’s no indication of that on the proof of service filing.

The Ahmedabad ED could just have easily tracked Kumbhani down locally and served him. This of course would give Kumbhani another chance to disappear.

I’ve just checked Kumbhani’s US criminal case docket and there are no updates there, so we know at least for now he hasn’t been extradited.

Pending further updates on Kumbhani’s SEC case docket or from Indian authorities, stay tuned.