from Monday, the SEC stated that they did not have an address for Kumbhani, an Indian citizen, and suspected that he likely fled to another country. Kumbhani with a number of offenses, including conspiracy to commit wire fraud, conspiracy to commit commodity price manipulation and conspiracy to commit international money laundering.
“Kumbhani’s location remains unknown, and the Commission remains unable to state when its efforts to locate him will be successful, if at all," wrote the SEC in its filing. In order to buy some time, the SEC is asking the US District Court for the Southern District of New York for an extension of 90 days. Since BitConnect is an unincorporated entity and not a formal corporation, all court papers have to be served to Kumbhani himself.for its “Lending Program” which allowed users to lend their Bitcoin in exchange for a propriety Bitconnect cryptocoin.
“Under this program, Kumbhani and his co-conspirators touted BitConnect’s purported proprietary technology, known as the 'BitConnect Trading Bot' and 'Volatility Software', as being able to generate substantial profits and guaranteed returns by using investors’ money to trade on the volatility of cryptocurrency exchange markets.
Source: Law Daily Report (lawdailyreport.net)
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