BitConnect's Indicted Founder Kumbhani Has Disappeared, SEC Says

BitConnect founder Satish Kumbhani, charged criminally in the U.S. last week with a $2.4 billion Ponzi scheme, has vanished from his native India, officials said. From a report: Last September, the Securities and Exchange Commission separately sued Kumbhani, claiming he fraudulently raised more than $2 billion from investors in his cryptocurrency exchange platform. But the SEC didn't know where he was and couldn't serve him with the lawsuit. The mystery deepened a bit Monday. Kumbhani, 36, "has likely relocated from India to an unknown address in a foreign country," SEC attorney Richard Primoff said in a court filing. "Since November, the commission has been consulting with that country's financial regulatory authorities in an attempt to locate Kumbhani's address. At present, however, Kumbhani's location remains unknown."

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