Former BitConnect India head Divyesh Darji was detained at Indira Gandhi International Airport in New Delhi on Sunday, the India Express reported. The Criminal Investigation Department of Gujurat authorities declared they arrested Darji after getting an alert in the country’s immigration bureau.

A promoter of this controversial cryptocurrency stage BitConnect was detained on August 19, according to a local news outlet in India.
After the stage’s shutdown, former BitConnect investor and promoter Trevon James stated the FBI had started investigating the project, as demonstrated by a YouTube video he submitted in March.
In accordance with P. G. Narwadean inspector in the police division, Darji was en route from Dubai into the city of Ahmedabad if he was detained.
Since CoinDesk reported, BitConnect’s lending service was closed down this past January after regulators in Texas and North Carolina reported the company was engaging in the selling of unregistered securities attached into a token sale. The shutdown resulted in the startup’s BCC token’s price crashing, falling from the high of $400 in the start of the year to $17.25 on Jan. 17. The Dollar is currently trading below 70 cents as of press time.

“The accused said seminars, events in India and other nations asserting high interest — daily interest rate of 1 percent — on investment in BitConnect coins. The price of a single BitConnect coin on January 16, 2018, once the firm closed down, was USD 362.”

Besides the unregistered security sale, BitConnect was also infamously accused of conducting a Ponzi scheme, especially after several prominent figures in the crypto community imposed criticisms against it, for example, creator of ethereum, Vitalik Buterin.

Police car picture via Shutterstock
He explained:

The chief in blockchain information, CoinDesk is a press outlet that tries for the greatest journalistic standards and abides by a strict group of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which excels in cryptocurrencies and blockchain startups.