Indian authorities have seized cryptocurrency worth $189 million in connection with a Bitconnect crypto scam. The funds, as well as physical cash, an SUV, and digital devices, were seized during searches at various locations. The suspects were involved in the fraudulent activities from November 2016 to January 2018, collecting funds from investors in India and abroad. The Bitconnect platform enticed investors with enticing investment opportunities, falsely claiming high returns using a non-existent trading bot. The investigation revealed that the criminals used the funds for personal expenses and attempted to make transactions untraceable on the dark web. The Indian authorities and US federal authorities are conducting investigations and legal proceedings against the perpetrators. Restitution has been budgeted to return $17 million to victims of the scheme worldwide. This case highlights the importance of vigilance in the cryptocurrency sector, as recovering stolen funds is challenging compared to traditional finance.



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