Long story short:
Indian Authority Arrests Man in Crypto Extortion Case
Shailesh Babulal Bhatt, a man from Gujarat, India, was arrested under the anti-money laundering law for his involvement in kidnapping and extortion cases, including a significant cryptocurrency-related crime worth over $144 million.
Bhatt's arrest came after an investigation initiated by the Enforcement Directorate (ED) based on complaints filed by the Surat Police CID against Satish Kumbhani, the promoter of the fraudulent cryptocurrency platform Bitconnect Coin.
Kumbhani allegedly defrauded investors and fled after shutting down Bitconnect in 2018, prompting Bhatt, who had invested in the platform, to take drastic measures to recover his funds.
Bhatt kidnapped two of Kumbhani's employees and extorted a substantial amount of cryptocurrency, including 2,091 bitcoins, 11,000 litecoins, and cash, totaling over $144 million.
Bhatt distributed a portion of the extorted funds among his accomplices, who used the money to acquire various assets.
Obviously, now he was caught, and the story probably ends here. What a weird world we're living in!
https://news.bitcoin.com/indian-authority-arrests-man-in-crypto-extortion-case/ Show Less
