TechFlow News, January 25: In line with India At this time, India’s Enforcement Directorate (ED) has arrested two people linked to the BitConnect cryptocurrency rip-off—a worldwide fraud scheme involving kidnapping and extortion. The case allegedly concerned hundreds of bitcoins and tens of tens of millions of Indian rupees in money.
The arrested people, Nikunj Pravinbhai Bhatt and Sanjay Kotadia, are suspected of involvement in a kidnapping-for-ransom case in which the sufferer was coerced into surrendering 2,254 bitcoins, 11,000 litecoins, and roughly ₹1.45 billion in money. Among the extorted bitcoins have been transformed into ETH and USDT and transferred throughout a number of wallets. The ED has frozen and seized property totaling roughly ₹1.9 billion, together with cryptocurrency holdings, shares, and money. So far, the full worth of seized or frozen property in this case quantities to roughly ₹217 billion. The investigation stays ongoing. The ED acknowledged that BitConnect marketed itself as a excessive-return funding platform, claiming its proprietary volatility-buying and selling bot may generate month-to-month returns of as much as 40%. The company asserted these claims have been totally fabricated, designed solely to create a misunderstanding of progress—together with publishing pretend each day returns of roughly 1% on its web site.
