Indian Authorities Arrest Shailesh Babulal Bhatt in $2.4 Billion BitConnect Kidnapping Case

Aug 19, 2024, 05:48 AM

Indian authorities have arrested Shailesh Babulal Bhatt, a Gujarat resident, in connection with a kidnapping case linked to the $2.4 billion BitConnect Ponzi scheme. Bhatt, a former investor in BitConnect, allegedly kidnapped two employees of Kumbhani to recover his losses from the scheme. During the extortion, Bhatt obtained 2,091 bitcoins, 11,000 litecoins, and cash valued at $17 million. The Indian Enforcement Directorate (ED) has seized movable assets related to the case. The arrest highlights the ongoing repercussions of the BitConnect scandal, which has affected numerous investors globally.