Top BitConnect affiliate arrested at Delhi airport, India
A top Indian BitConnect investor was arrested at Delhi airport on Saturday.
Divyesh Darji was apprehended following a look-out notice issued as part of an ongoing investigation.
The Indian investigation has revealed BitConnect was launched as an attempt to circumvent regulation concerning black money.
In late 2016, the Indian government announced the demonetization of ₹500 and ₹1000 notes. This was done in an attempt to combat a thriving shadow economy and ‘use of illicit and counterfeit cash to fund illegal activity and terrorism‘.
In an attempt to launder black money through cryptocurrency, BitConnect was launched in Surat, a city in the Indian state of Gujarat.
Darji was arrested after landing on a flight from Dubai, suggesting other BitConnect top promoters might also be hiding out there.
Indian authorities continue to investigate and hunt down BitConnect’s top promoters. Satish Kumbhani, Dhavl Mavani and Suresh Gorasiya are still wanted by police.
While we’ve received multiple confirmations that US authorities are investigating BitConnect, thus far no arrests have been made.