Satish Kumbhani
Summary
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)
2016-02-01
BitConnect launches; BCC token begins trading at approximately $0.17.
2016-11-15
BitConnect launches its ICO, which runs for approximately 46 days.
2017-10-01
BCC reaches 8th-largest cryptocurrency by market capitalization; Vitalik Buterin and Charlie Lee publicly flag BitConnect as likely fraudulent.
2017-11-07
United Kingdom issues BitConnect a formal notice requiring it to demonstrate legitimacy within two months.
2017-12-01
BCC reaches all-time high of approximately $463.
2018-01-04
Texas State Securities Board issues emergency cease-and-desist order against BitConnect.
2018-01-09
North Carolina Secretary of State Securities Division issues a second cease-and-desist order against BitConnect.
2018-01-16
BitConnect abruptly shuts down its lending platform; BCC collapses approximately 92% within hours.
2021-09-01
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.
2022-02-25
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.
2022-03-01
SEC and multiple outlets report Kumbhani has disappeared from India and cannot be located.
2022-08-17
CoinDesk reports Indian authorities have opened their own proceedings against Kumbhani; he is now wanted in both the U.S. and India.
2022-09-16
Glenn Arcaro sentenced to 38 months in prison; ordered to pay $17,646,801 in restitution.
2023-01-13
Federal court orders distribution of over $17 million in restitution to approximately 800 BitConnect victims across 40+ countries.
2024-11-15
SEC confirms in court filings that Kumbhani has been a fugitive for more than three years and his location remains unknown despite international inquiries.
2025-02-11
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 and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-6
generated: 5/30/2026, 6:33:23 PM
last updated: 5/30/2026, 6:33:27 PM
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