Satish Kumbhani
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anchored·5Qhpfh…3eHzSummary
Satish Kumbhani is the founder of BitConnect, a cryptocurrency platform that the U.S. Department of Justice, SEC, and multiple state regulators have determined operated as a global Ponzi scheme defrauding investors of approximately $2.4 billion between 2016 and 2018. Kumbhani was indicted by a federal grand jury in San Diego on February 25, 2022, on charges carrying a maximum penalty of 70 years in prison, and has remained a fugitive from justice since disappearing from India following his U.S. indictment.
Connected Entities
1 entities- + 6 more
Timeline(16 events)
February 2016
BitConnect launches; BCC token begins trading at approximately $0.17.
15 November 2016
BitConnect launches its ICO, which runs for approximately 46 days.
October 2017
BCC reaches 8th-largest cryptocurrency by market capitalization; Vitalik Buterin and Charlie Lee publicly flag BitConnect as likely fraudulent.
7 November 2017
United Kingdom issues BitConnect a formal notice requiring it to demonstrate legitimacy within two months.
December 2017
BCC reaches all-time high of approximately $463.
4 January 2018
Texas State Securities Board issues emergency cease-and-desist order against BitConnect.
9 January 2018
North Carolina Secretary of State Securities Division issues a second cease-and-desist order against BitConnect.
16 January 2018
BitConnect abruptly shuts down its lending platform; BCC collapses approximately 92% within hours.
September 2021
SEC files civil enforcement action against BitConnect, Kumbhani, Glenn Arcaro, and Future Money Ltd. alleging $2 billion fraud. Arcaro simultaneously pleads guilty to conspiracy to commit wire fraud.
25 February 2022
Federal grand jury in Southern District of California indicts Satish Kumbhani on five counts including wire fraud, commodity price manipulation, and international money laundering. Maximum exposure: 70 years.
March 2022
SEC and multiple outlets report Kumbhani has disappeared from India and cannot be located.
17 August 2022
CoinDesk reports Indian authorities have opened their own proceedings against Kumbhani; he is now wanted in both the U.S. and India.
16 September 2022
Glenn Arcaro sentenced to 38 months in prison; ordered to pay $17,646,801 in restitution.
13 January 2023
Federal court orders distribution of over $17 million in restitution to approximately 800 BitConnect victims across 40+ countries.
15 November 2024
SEC confirms in court filings that Kumbhani has been a fugitive for more than three years and his location remains unknown despite international inquiries.
11 February 2025
India's Enforcement Directorate raids Ahmedabad premises connected to BitConnect, seizing approximately $190 million in cryptocurrency, cash, a vehicle, and electronic devices. Kumbhani is reported to have been tracked to Ahmedabad.
Decision Log
- hash: CWierncbeViVJtfbmjGbWfSyEuwwc44vp5wQzbZtbsMf
This investigation is cryptographically anchored to the Solana blockchain (1 event). 0 of 21 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 5/30/2026, 6:33:23 PM
last updated: 8/29/2026, 1:34:13 AM
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