Bitconnect Developer Arrested For Promoting Ponzi Scheme

Bitconnect Developer Arrested For Promoting Ponzi Scheme

“BITCONNEEEEECT”

The famous words of the Carlos Matos, the mind behind the ‘brilliance’ of what was Bitconnect.

Well, one of the biggest and most infamous cryptocurrencies scams is back in the news after one of its web developers was arrested. Dhaval Mavani developed Bitconnect’s website was apprehended in New Delhi after being deported from Abu Dhabi. According to a local news source, a warrant for his arrest was issued last August.

Mavani was allegedly hired in 2017 by the ‘head’ of Bitcoinnect in Asia, Divyesh Darji to build a website for the $3.2 billion cryptocurrency scam. Police believe he possesses a wealth of knowledge of the cryptocurrency Ponzi scheme and was one of the promoters for it. On top of this, he has also witnessed a case in which two businessmen in India’s Gujarat State were reportedly kidnapped which resulted in over two thousand bitcoins and 11,000 litecoins being stolen from them.

The website developer/bitconnect promoter is believed to have fled to Abu Dhabi following criminal investigators received a complaint regarding the cryptocurrency scam in July last year.

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UAE

Reports from the Economic Offense Wing of India’s Criminals Investigation Department had been hauled up in the capital of the United Arab Emirates ever since he left his home nation.

“According to his passport details, he had fled to Abu Dhabi from where he deported to Delhi on Tuesday. He did not move anywhere in between that period of around a year.“

Earlier in the year, Bitconnect looked like it was making a comeback as a Twitter account surfaced claiming that Bitconnect 2.0 was on its way. The since-deleted tweet (and account) said that Bitconnect 2.0 would launch on 1st July.

On the website of the cryptocurrency, it states:

“You can invest BitConnect coin in Bitconnect lending platform exclusively from the BitConnect Dashboard. This investment option involves profiting from Bitconnect trading bot and volatility software. You will receive daily profit based on your investment option. Upon investment term completion, you will receive your CAPITAL BACK to take out from the Bitconnect lending platform or optionally reinvest back in lending platform to continue receiving daily profit.”

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