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<ul><li>Indian authorities arrested Shailesh Babulal Bhatt for kidnapping two employees of BitConnect creator.</li><li>Investigation revealed Bhatt paid his two accomplices $34 million as a token of their participation.</li><li>Bitconnect creator Satish Kumbhani attracted investors with high returns but abruptly closed the platform.</li></ul>The<a href="https://cryptotale.org/does-indias-fiu-ban-affect-crypto-investment-a-detailed-analysis-of-indian-crypto-exchanges/" rel="noopener noreferrer nofollow"> Indian Enforcement Directorate</a> (ED) of Ahmedabad <a href="https://enforcementdirectorate.gov.in/sites/default/files/latestnews/Press%20Release_Arrest_Shailesh_Bhatt-17.08.2024.pdf" rel="noopener noreferrer nofollow">arrested</a> Shailesh Babulal Bhatt for allegedly kidnapping two employees of BitConnect, a crypto exchange. A resident of Gujarat, Bhatt held them as hostages and extorted crypto and Indian currency as ransom for their release.Bhatt invested in BitConnect’s cryptocurrency, BitConnect Coin, in 2017 but later suffered a loss after its creator, Satish Kumbhani, disappeared with their money. In a bid to retrieve his funds, Bhatt kidnapped the employees of Kumbhani, and extorted 2,091 <a href="https://cryptotale.org/market-sentiment-drops-to-extreme-fear-as-bitcoin-dominance-increases/" rel="noopener noreferrer nofollow">Bitcoins</a> and 11,000 LiteCoin. He also received over $1.7 million (145 million Indian rupees) as a ransom.Related:<a href="https://cryptotale.org/chinese-student-sentenced-to-4-5-years-prison-for-cryptocurrency-fraud/" rel="noopener noreferrer nofollow">https://cryptotale.org/chinese-student-sentenced-to-4-5-years-prison-for-cryptocurrency-fraud/</a>Bhatt was arrested earlier this week under India&#39;s Prevention of Money-Laundering Act (PMLA). In an investigation with the ED, Bhatt revealed that he paid his accomplices $34 million for their help, and with the amount, they bought properties, gold, and other assets. The agency disclosed that it recovered properties worth $52 million, and the investigation is still underway.<a href="https://cryptotale.org/ed-arrests-man-for-extortion-linked-to-bitconnect-fraud/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

ED Arrests Man for Extortion Linked To BitConnect Fraud

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