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Indian Head Of BitConnect Arrested For Fraud




Divyesh Darji has been arrested for allegedly defrauding thousands of investors during his time as head of the now-defunct crypto exchange.

Divyesh Darji, the former head of BitConnect India, has been arrested on charges stemming from the now-defunct exchange's business practices. Darji was taken into custody at the Delhi Airport by the Gudjarat Criminal Investigation Department (CID) after arriving from Dubai, where, according to local news reports, he had been living since fleeing India following the closure of the exchange early this year.

Called a Ponzi scheme by some, BitConnect's cryptocurrency exchange lasted less than a year. In that time, according to the CID, it collected tens of millions of rupees from thousands of investors. BitConnect also operated in the US and received cease-and-desist orders from courts in both Kentucky and Texas for its questionable practices.       

"The accused held seminars, events in India and other countries promising high interest – daily interest rate of 1 per cent — on investment in BitConnect coins. The cost of one BitConnect coin on January 16, 2018, when the company shut down, was USD 362," said CID inspector P.G. Narwade.

BitConnect coins are currently valued at about $0.68. 

According to the Financial Express, the case came to the attention of law enforcement after a BitConnect investor name Shailesh Bhatt attempted to recoup his lost money by kidnapping a former BitConnect employee and forcing him at gunpoint to transfer 2,400 bitcoin into his wallet.

Some expect there will be other arrests related to the case. There's even speculation that several bureaucrats and high-ranking government officials will be among those ensnared before the investigation is complete.

Tim Prentiss

Tim Prentiss has a master’s degree in journalism from the University of Nevada, Reno. He lives in Reno with his daughter. In his spare time he writes songs and disassembles perfectly good electronic devices.

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