BitConnect's indicted founder Satish Kumbhani has disappeared, says SEC

BitConnect used money from new investors to pay earlier ones, the U.S. said.

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.
 

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