Indian Enforcement Directorate Arrests Two Suspects in BitConnect Scam, Involving Kidnapping and Extortion of 2,254 BTC

Odaily News: The Indian Enforcement Directorate has arrested Nikunj Pravinbhai Bhatt and Sanjay Kotadia, who are suspected of involvement in the BitConnect cryptocurrency scam and related kidnapping and extortion case. The investigation revealed that the criminal gang extorted 2,254 Bitcoins, 11,000 Litecoins, and 145 million rupees in cash through kidnapping victims.

Part of the extorted Bitcoin was converted into ETH and USDT and transferred through multi-layer wallets. The Indian Enforcement Directorate has frozen assets worth approximately 190 million rupees, including crypto assets, stocks, and cash. So far, the total assets seized or frozen in this case amount to about 21.7 billion rupees. BitConnect had falsely advertised that its AI trading bot could generate a 40% monthly return, aiming to lure investors. The investigation is still ongoing.