As a seasoned crypto investor with a knack for navigating the digital financial landscape, I’ve seen my fair share of highs and lows. The recent arrest of Shailesh Bhatt in India, allegedly involved in a high-profile cryptocurrency extortion case worth over ₹1,200 crore, is a stark reminder of the darker side of our beloved crypto world.
The Indian Enforcement Directorate (ED) recently arrested Shailesh Babulal Bhatt, a resident of Gujarat, in relation to a significant cryptocurrency blackmail case worth over ₹1,200 crore (around $148 million). Bhatt, who is associated with multiple kidnapping and extortion incidents, was detained earlier this week as confirmed by the ED on Saturday.
Earlier this week, Bhatt, known for his involvement in multiple kidnappings and extortions, was apprehended, according to reports that surfaced over the weekend.
The probe started when the Criminal Investigation Department (CID) of Surat Police lodged complaints following allegations against Satish Kumbhani, the founder of the collapsed cryptocurrency platform Bitconnect Coin. In 2017-18, Bitconnect drew numerous investors with enticing promises of high yields. However, in January 2018, Kumbhani unexpectedly closed the platform and absconded with the investors’ funds.
Bhatt, a former investor in Bitconnect Coin, resorted to extreme measures to retrieve his lost funds. It is alleged that he abducted two workers from Kumbhani’s company, insisting on receiving ransom not only in cryptocurrency but also hard cash.
As per the ED’s report, Bhatt illegally obtained approximately 2,091 Bitcoins worth around $125 million, 11,000 Litecoins, and ₹14.50 crores in cash. The current value of these assets is estimated to be roughly ₹1,232.50 crores or $146 million.
According to the ED, Bhatt’s apprehension forms part of an extensive strategy to combat money laundering associated with cryptocurrency frauds. The ongoing probe seeks to uncover further details on how the embezzled funds were utilized and concealed.
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2024-08-18 17:56