Man Arrested for Kidnapping in BitConnect Crypto Extortion Case
Indian authorities have apprehended Shailesh Babulal Bhatt, who is accused of kidnapping and extorting two former employees of the now-defunct crypto platform BitConnect in an attempt to recover his lost investments.
Bhatt, who invested in BitConnect Coin (BCC), reportedly secured $125 million in crypto from the victims, including 2,091 Bitcoin and 11,000 Litecoin, and shared the funds with accomplices.
BitConnect, which raised billions in its 2017 ICO and was valued at over $3 billion, is now seen as a Ponzi scheme.
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Bhatt was apprehended on August 13, 2024, under India’s Prevention of Money Laundering Act (PMLA). Authorities have recovered about $52 million in assets and are seeking Bhatt’s accomplices.
BitConnect’s collapse in 2018 left investors with losses exceeding $2.4 billion. While some promoters have been convicted, the main figure, Satish Kumbhani, remains elusive.
Recent restitution efforts awarded $17 million to 800 investors, but most losses remain unrecovered.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
