Bitconnect Leader Divyesh Darji Arrested in India

Divyesh Darji, the head of BitConnect’s operations in the Indian market, was arrested upon his arrival from Dubai this past Saturday, according to a report by the Times of India. This arrest comes just weeks before a scheduled hearing for Trevon James, a prominent advocate for BitConnect among Western investors. BitConnect has gained a reputation as one of the most infamous scams in the cryptocurrency sector, particularly as Bitcoin prices began to rise in mid-2017, which in turn inflated the value of its BCC tokens.

The scheme had built a vast network of investors, heavily promoted by influencers and marketers in India, who profited immensely during the peak of Bitcoin prices. The promotion included large-scale events featuring performances and marketing through YouTube channels aimed at young Asian audiences.

Darji was among the key promoters of BitConnect, alongside other figures such as Satish Kumbhani, Dhavl Mavani, and Suresh Gorasiya. In India, the platform gained traction following the government’s aggressive demonetization efforts, which were part of a broader initiative against cash transactions.

The Indian government has long sought to combat the gray economy and enforce stricter regulations in the cryptocurrency space.