Alleged head of BitConnect cryptocurrency scam arrested in Dubai

If it sounds too good to be true, it probably is — and certainly appears to have been the case when it comes to BitConnect, a folded cryptocurrency project that has been accused of scamming millions out of investors.

BitConnect, touted as a “self-regulating financial system” which is part of the “cryptocurrency revolution,” used many buzzwords and the hype of celebrities to lure investors to participate, and also offered an incredibly high interest rate of at least one percent per day, leading many to believe it was a scam.

Investors would “lend” funds in Bitcoin (BTC) to various projects and these funds were converted to the platform’s coin, BCC.

Divyesh Darji, the Indian head of BitConnect and believed to be a core promoter of the scheme, has reportedly been arrested by the Gujarat Criminal Investigation Department (CID) after arriving in Dubai on his way from Ahmedabad.

CNET: Bitcoin scams using celebrity…