India Arrests Extortionist Who Kidnapped Bitconnect Employees for Cryptocurrency

IconCryptoNewsTerminal Staff18 Aug, 2024

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India Arrests Extortionist Who Kidnapped Bitconnect Employees for Cryptocurrency

India Arrests Suspect in Bitconnect Kidnapping and Extortion Case Indian authorities have arrested an individual named Shailesh Babulal Bhatt in connection with the kidnapping of two employees of the now-defunct Ponzi scheme company, Bitconnect. Bhatt is accused of demanding a ransom of $125 million in cryptocurrency from the employees. The arrest was made by the Enforcement Directorate (ED) in Ahmedabad, India, as part of an ongoing investigation into the Bitconnect scam. The ED has reportedly seized assets worth Rs 44 crore ($52 million) in the process. Bhatt had reportedly invested money in Bitconnect Coin (BCC) and lost a significant amount. He then allegedly kidnapped the Bitconnect employees and demanded a ransom of 2091 BTC, 11000 LTC, and $1.7 million. This arrest is a significant development in the Bitconnect case and could lead to the recovery of some of the defrauded funds. It also serves as a reminder of the risks associated with investing in cryptocurrency and the importance of conducting thorough research before investing.

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