Shocking Crypto Extortion: Gujarat Man Arrested for $144 Million Fraud

Major Arrest in Cryptocurrency Extortion Case

A Gujarat-based man, Shailesh Babulal Bhatt, has been arrested under the anti-money laundering law following his involvement in a series of kidnapping and extortion crimes linked to cryptocurrency. The Enforcement Directorate (ED) revealed that Bhatt's actions are connected to a staggering Rs 1,200 crore ($144 million) crime.

Bhatt was apprehended after a money-laundering investigation initiated by the ED, which stemmed from FIRs filed by the Surat Police CID against Satish Kumbhani, the promoter of Bitconnect Coin. Kumbhani allegedly defrauded investors and went missing after shutting down the Bitconnect platform in January 2018.

In a desperate bid to recover his investments in Bitconnect, Bhatt resorted to extreme measures, kidnapping two of Kumbhani’s employees. He extorted a staggering 2,091 bitcoins, 11,000 litecoins, and Rs 14.50 crore in cash, amounting to a total value of Rs 1,232.50 crore today. Furthermore, Bhatt distributed Rs 289 crore of the extorted funds among his accomplices, which they used to acquire various assets.

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