SEC officials do not know the whereabouts of Satish Kumbhani, the founder of crypto trading platform BitConnect, who was last week with defrauding investors of $2.4 billion in a Ponzi scheme. This puts the SEC in quite a bind, since they have to serve the 36-year old entrepreneur with his court papers. In a 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.
The DOJ is charging 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…
