Satish Kumbhani
Founder of BitConnect, which the U.S. DOJ called a $2.4B Ponzi scheme. Indicted in February 2022 on wire-fraud, money-laundering, and price-manipulation conspiracies, he vanished and remains a fugitive (reportedly traced by Indian authorities to Ahmedabad).
Also known as: Satish Kurjibhai Kumbhani, Vindee
Note: Kumbhani is indicted and a fugitive; the allegations have not been adjudicated.
Bio
Satish Kurjibhai Kumbhani founded BitConnect and built a worldwide network of promoters around its "Lending Program," which the DOJ says was a Ponzi scheme that used new investor money to pay earlier investors, raising approximately $2.4 billion before shutting down in January 2018. [1][2]
Status
Kumbhani was indicted in the Southern District of California on February 25, 2022 (charges including wire fraud, operating an unlicensed money transmitting business, and conspiracies to commit wire fraud, commodity price manipulation, and international money laundering — up to 70 years). He disappeared shortly after and remains a fugitive; India's Enforcement Directorate has reported tracing him to Ahmedabad. [1][2]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
Sources (2)
See also
- Blockchain Terminal (BCT)TokensA 2017–2018 ICO (BCT tokens, ~$30M) for a 'Blockchain Terminal' — a Bloomberg-style crypto trading terminal. The SEC and DOJ said convicted ex-hedge-funder Boaz Manor secretly ran it under a fake identity ('Shaun MacDonald'), using associate Edith Pardo as a front, and lied about the product's adoption.
- Profit ConnectProjectsA Las Vegas company that the SEC said was a $12M+ Ponzi scheme: it told 277+ investors their money would be invested in securities and crypto via an 'artificial intelligence supercomputer' guaranteeing 20–30% annual returns. The SEC halted it in 2021; over 90% of funds came from investors.
- Dropil (DROP)Tokens
This page was last updated on Jun 8, 2026. View revision history.