The court filing accuses Kumbhani and his team of misleading investors into a BitConnect Lending Programme.
The BitConnect founder also faces charges of manipulating the price of native crypto BitConnect Coin (BCC).
The BitConnect episode has recently rocked the crypto market after details of running a $2.4 billion crypto Ponzi scheme emerged. As per the latest information, BitConnect founder Satish Kumbhani has been on the run and has likely “relocated from India to an unknown location” abroad.
Last week, the federal grand jury in San Diego accused Kumbhani of running a Ponzi scheme. It said that BitConnect was an alleged fraudulent investment platform that reached a peak market cap of $3.4 billion. So if Kumbhani stands convicted, he might have to spend 70 years in prison.
Related: BitConnect former director admits to conspiring with other executives on Ponzi Scheme
In one of the latest filings, the U.S. Securities and Exchange Commission (SEC) Senior Trial Counsel Richard P
