It has been more than three years since the Securities and Exchange Commission (SEC) has filed its action against BitConnect, an online crypto lending platform, and its founder Satish Kumbhani.
The SEC has been unable to locate Kumbhani, as confirmed by documents submitted by the regulator at the New York Southern District Court on November 15, 2024.
As the Commission has previously advised the Court, the Commission did not know the whereabouts of Kumbhani, an Indian citizen, at the time it filed this action, and BitConnect is an unincorporated entity the Commission must serve through its manager, Kumbhani, pursuant to Rule 4(h)(1)(B) and Rule 4(h)(2).
In the Commission’s most recent status report to the Court, the Commission reported that, notwithstanding its prior efforts to ascertain Kumbhani’s location,…
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