• Satish Kumari, the founder of BitConnect Ponzi scheme for $2.4 Billion is still missing.
• Kumbhani is being charged for fraud, running an unlicensed business of money transmission, and other charges.
• Kumbhani is still unknown to the SEC.

After being indicted by the United States Department of Justice in connection with a Ponzi scheme worth $2.4 billion, Satish Kumbhani (founder of BitConnect) remains unknown.

The US Securities and Exchange Commission (SEC) said in a court filing that Kumbhani’s location is still not known. The SEC also noted that Kumbhani’s last known location was in his native country India. Since the SEC brought Kumbhani’s BitConnect Ponzi scheme promoter to trial for defrauding American shareholders of more than $2 billion, however, his whereabouts have remained elusive.

The SEC filed Monday’s filing stating that the founder of the conviction has probably fled to another country. Further, the Commission said that they are not sure when or if their attempts to find him will succeed.

BitConnect founder was charged with wire fraud and operating an unlicensed money transmission business. He also faces three conspiracy charges: wire fraud, manipulation of commodity prices, international money laundering, and commodity price manipulation.

The BitConnect saga began back during the ICO-era. This was when it became one of the most discussed and popular projects. It was launched in 2016, and it quickly became a worldwide phenomenon, with billions of dollars raised from global investors.

BitConnect promised investors a lending program that would be based on a proprietary “trading bot” and “volatility software” that would offer them a 10% earning through the platform’s native BCC token.

BCC reached a record-breaking trading price during the height of 2017’s cryptocurrency bull run. It was worth $3.4 billion. The founders orchestrated a pull that saw the token’s price fall to almost zero. Investors suffered huge losses and the public protested.

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