The Indian Enforcement Directorate arrests individuals suspected of kidnapping and extortion related to a $144 million cryptocurrency crime case

2024-08-18 12:00:13

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ChainCatcher news, according to Bitcoin.com, the Enforcement Directorate (ED) of India has stated that a man from Gujarat, Shailesh Babulal Bhatt, has been arrested on charges of kidnapping and extortion, as well as violating anti-money laundering laws, in a case involving a significant cryptocurrency-related crime exceeding $144 million.

According to the first document submitted by the Surat police regarding Bitconnect Coin promoter Satish Kumbhani, the Indian Ministry of Justice initiated a money laundering investigation, leading to Bhatt's detention. It is alleged that Kumbhani deceived investors and fled after shutting down the Bitconnect platform in January 2018.

Bhatt had invested in Bitconnect, and in an attempt to recover his funds, he kidnapped two employees of Kumbhani, extorting 2,091 bitcoins, 11,000 litecoins, and 145 million rupees in cash, which is now valued at 12.325 billion rupees. Bhatt also distributed 2.89 billion rupees of the extorted funds to accomplices for the acquisition of various assets.

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