Man arrested by ED in crypto extortion case of Rs 1,232.5 crore

The Enforcement Directorate’s (ED) Ahmedabad Zone has arrested a man under the Prevention of Money Laundering Act (PMLA) in an investigation regarding the extortion of 2,091 Bitcoins, 11,000 LiteCoins and Rs 14.5 crore in cash, worth Rs 1,232.5 crore in all.

The ED initiated its investigation against Shailesh Babulal Bhatt, who was arrested on August 13, on the basis of two cheating cases registered by Surat CID (Crime) against Satish Kumbhani, the promoter of Bitconnect Coin who allured the people to invest in Bitconnect Coin in 2017-18. Soon after, Kumbhani had abruptly closed Bitconnect Coin and fled.