🚨😳😳The Indian Enforcement Directorate (ED) has arrested Shailesh Babulal Bhatt, a resident of Gujarat, in connection with a significant😳😳🚨🚨

cryptocurrency extortion case worth over ₹1,200 crore (approximately $148 million). Bhatt, already linked to multiple kidnapping and extortion cases, was apprehended earlier this week, as confirmed by the ED on Saturday.

The case traces back to an investigation initiated by the Surat Police CID, which had filed complaints against Satish Kumbhani, the founder of the now-defunct cryptocurrency platform Bitconnect. The platform, which attracted a large number of investors in 2017-2018 with promises of high returns, abruptly shut down in January 2018, with Kumbhani disappearing along with the investors' funds.

Bhatt, one of the investors who suffered losses in Bitconnect, took extreme measures to recover his money. He is accused of kidnapping two of Kumbhani’s employees and demanding ransom in the form of cryptocurrency and cash.

According to the ED, Bhatt successfully extorted 2,091 Bitcoins (valued at $125 million), 11,000 Litecoins, and ₹14.50 crore in cash, which together amount to a staggering ₹1,232.50 crore ($146 million) in value. The investigation also uncovered that Bhatt distributed ₹289 crore ($1.7 million) of the extorted money among his accomplices, who assisted him in the kidnappings and extortions. The funds were allegedly used to acquire properties, gold, and other high-value assets.

The ED emphasized that Bhatt’s arrest is part of a broader initiative to combat money laundering related to cryptocurrency scams. The ongoing investigation aims to uncover further details about the utilization and concealment of the extorted funds.

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