On August 19, the former India head of notorious cryptocurrency project Bitconnect was reportedly arrested by Gujarat CID.
Divyesh Darji was allegedly a prime promoter of the now-defunct high-yield investment program — which is commonly described by those in the cryptocurrency community as a Ponzi scheme.
According to Financial Express, Darji was arrested by Gujarat CID from the Delhi airport upon arrival in Dubai.
One of Many
Of course, Darji was not the only individual supporting the multilevel marketing-reliant platform.
In the United States and elsewhere, Bitconnect is commonly known as having been promoted by social media personalities Trevon James and CryptoNick, both of whom have drawn a lot of heat — from both regulatory authorities and users who lost money — for their promotions of the apparent Ponzi scheme.
What are your thoughts on the arrest of the alleged Indian head of Bitconnect, Divyesh Darji? Do you think Bitconnect was a blatant Ponzi scheme? Be sure to let us know your thoughts in the comments below!