Rich by Coin

According to India Today, India’s Enforcement Directorate (ED) has arrested two individuals linked to the BitConnect cryptocurrency scam—a global fraud scheme involving kidnapping and extortion. The case allegedly involved thousands of bitcoins and tens of millions of Indian rupees in cash. The arrested individuals, Nikunj Pravinbhai Bhatt and Sanjay Kotadia, are suspected of involvement in a kidnapping-for-ransom case in which the victim was coerced into surrendering 2,254 bitcoins, 11,000 litecoins, and approximately ₹1.45 billion in cash. Some of the extorted bitcoins were converted into ETH and USDT and transferred across multiple wallets.

The ED has frozen and seized assets totaling approximately ₹1.9 billion, including cryptocurrency holdings, stocks, and cash. To date, the total value of seized or frozen assets in this case amounts to roughly ₹217 billion. The investigation remains ongoing. The ED stated that BitConnect marketed itself as a high-return investment platform, claiming its proprietary volatility-trading bot could generate monthly returns of up to 40%. The agency asserted these claims were entirely fabricated, designed solely to create a false impression of growth—including publishing fake daily returns of approximately 1% on its website.

The Enforcement Directorate in India has arrested two individuals linked to the BitConnect cryptocurrency project, amid allegations of a kidnapping-for-ransom scheme tied to crypto and cash profits. The case reportedly involves thousands of bitcoins and tens of millions of Indian rupees in cash. Authorities say the suspects coerced a victim to surrender 2,254 bitcoins, 11,000 litecoins, and INR 1.45 billion in cash.

Some of the extorted bitcoin assets were moved into ETH and USDT across multiple wallets as part of the alleged laundering activity. The ED reports asset seizures totaling INR 1.9 billion, including cryptocurrency holdings, stocks, and cash. In total, seized or frozen assets in this case amount to approximately INR 217 billion, with the investigation still ongoing.

BitConnect marketed itself as a high-return investment platform, claiming a proprietary volatility-trading bot could deliver monthly returns up to 40%. The agency contends these claims were fabricated to inflate growth, including publishing fake daily returns of around 1% on the BitConnect website.