A man from Gujarat has been arrested by the Enforcement Directorate for his involvement in kidnapping and extortion cases, including one linked to cryptocurrency valued at over Rs 1,200 crore. Shailesh Babulal Bhatt was apprehended on Tuesday in connection to the anti-money laundering probe initiated after the ED received complaints against Satish Kumbhani, the promoter of Bitconnect Coin. Kumbhani allegedly defrauded investors through his company’s schemes in 2017-18 before abruptly closing operations and disappearing. Bhatt, who had invested in the schemes, resorted to kidnapping two of Kumbhani’s employees and extorting Bitcoins, LiteCoins, and cash equivalent to Rs 1,232.50 crore to recover his investment. Furthermore, Bhatt reportedly distributed Rs 289 crore of the ill-gotten gains to his accomplices for their involvement in the crimes. The case highlights the growing challenges of regulating cryptocurrency transactions and combating financial crimes in the digital age.
Published 17 August 2024, 23:39 IST