The Asia head of Ponzi Cryptocurrency Company Bitconnect, Divyesh Darji, arrested at Delhi airport when he arrived from Dubai on August 18, Darji has registered office in the UK and was operating it from Burj Khalifa, Dubai. He and his plotters blamed for deceiving a large number of dollars from Indian investors looking for financial foxhole amid the administration’s demonetization crusade.
The BitConnect platform closed down in January of this year subsequent to being exposed as a Ponzi conspire in the midst of reports that it failed to pass the administrative examination. BitConnect With a value high of $509 in December 2017 drastically dropped to as low as $7, and in January 2018, Value plummeted to $0.
Darji was very outspoken promoter of Bitconnect and had organized huge seminars to promote Bitconnect, at the time of demonetization, when $500 and $1000 Indian currency was banned, he and his promoters lured investors to invest, made huge promises, huge profits and end up making a huge scam in the history of Cryptocurrency, while many of Bitconnect supporters flew to Dubai after the whole scenario came into Light.
P G Narwade of Criminal Investigation Department (CID-Crime) of Gujarat police explained,
Darji was living in Dubai. A look-out circular was issued against him. The Immigration Department alerted us when he was on the way from Dubai to Ahmedabad, after which he was arrested today evening. The company came into existence in 2016, and in 2017, it launched the Bitconnect coin. It remained active till January this year. It released 2.80 crore coins, out of which 1.80 crore coins were sold to investors. The accused held seminars, events in India and other countries promising high interest — daily interest rate of 1 percent — on investment in Bitconnect coins. The cost of one Bitconnect coin on January 16, 2018, when the company shut down, was USD 362.