ED Secures Rs 47.7 Crore Assets in Bitconnect Cryptocurrency Case

The Enforcement Directorate has attached Rs 47.70 crore worth of immovable properties linked to the Bitconnect Coin cryptocurrency fraud case. The move follows investigations revealing extensive financial misconduct involving key figures who misled investors with promises of high returns. The case involves substantial proceeds of crime under the PMLA.

In a significant development in the ongoing investigation into the Bitconnect Coin cryptocurrency fraud, the Enforcement Directorate (ED) has attached immovable properties valued at Rs 47.70 crore. This action comes as part of the agency's efforts to clamp down on proceeds of crime linked to the case.

The Ahmedabad-based unit of the ED carried out the attachment on October 9, under the provisions of the Prevention of Money-Laundering Act (PMLA), 2002. The investigation stemmed from First Information Reports filed by the Surat Police against several accused, including prominent names like Divyesh Darji, Satish Kumbhani, and Shailesh Bhatt.

ED's probe uncovered a complex scheme where from November 2016 to January 2018, Satish Kumbhani and his associates, under the guise of Bitconnect Coin investment opportunities, deceived the public into investing large sums with the lure of high returns. It was found that Shailesh Bhatt extorted a portion of these illicit gains by kidnapping two of Kumbhani's associates. Previously, the agency had attached movable properties worth Rs 488 crore and filed a prosecution complaint against Bhatt, now in judicial custody, before the Special Court in Ahmedabad.

(With inputs from agencies.)