Bitconnect

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<ul class="wp-block-list news-points"> 
 <li>The Indian ED arrests Babulal Bhatt for involvement in a $148M crypto scheme. </li> 
 <li>Bhatt extorted 2,091 Bitcoins, 11,000 LiteCoins, and Rs 14.50 crore in cash from Bitconnect Coin promoter Satish Kumbhani’s employees. </li> 
 <li>The ED is investigating the distribution and utilization of the extorted funds. </li> 
</ul>   
<a href="https://coinedition.com/indian-enforcement-directorate-freezes-916m-linked-to-hpz-token-scam/">The Indian Enforcement Directorate (ED)</a> has apprehended Shailesh Babulal Bhatt, a Gujarat resident, in connection with a high-profile cryptocurrency-related extortion case valued at over Rs 1,200 crore. Bhatt, who has been implicated in multiple kidnapping and extortion incidents, was taken into custody on Tuesday, as <a href="https://www.oneindia.com/india/gujarat-man-arrested-crypto-extortion-case-011-3910303.html" target="_blank" rel="nofollow">announced</a> by the ED on Saturday.   
The ED’s probe into the money laundering activities was initiated following two FIRs lodged by the Surat Police CID against Satish Kumbhani, the alleged promoter of Bitconnect Coin.&nbsp;   
Bitconnect Coin, a cryptocurrency platform, lured investors with lucrative schemes during 2017-18. However, in January 2018, Kumbhani abruptly ceased the sale of Bitconnect Coin and shut down the platform, absconding with investors’ funds.   
Bhatt, who had invested in Bitconnect Coin, resorted to extreme measures to recover …
The post <a href="https://coinedition.com/indian-ed-arrests-crypto-scammer-in-148m-extortion-case/">Indian ED Arrests Crypto Scammer in $148M Extortion Case</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Indian ED Arrests Crypto Scammer in $148M Extortion Case

Coin Edition

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