The Enforcement Directorate (ED) has provisionally attached movable properties in the form of cryptocurrencies, gold and cash worth about ₹433 crore in connection with a money laundering case against accused Divyesh Darji and others.
The ED probe is based on the First Information Reports registered by the Surat police in Gujarat under various provisions of the Indian Penal Code, Gujarat Protection of Interests of Depositors Act, and the Prize Cheat Money Circulation Scheme Banning Act. Among those named as accused are Mr. Darji, Satish Kumbhani, and Shailesh Bhatt.
According to the ED, from November, 2016 to January, 2018, Mr. Kumbhani, as the promoter of cryptocurrency Bitconnect Coin, established a worldwide network of promoters and induced people to invest in various schemes related to Bitconnect Coin by offering huge returns.
“As per the investigation done so far, Satish Kumbhani and his associates had raised huge investments and cheated the investors. Later, a part of the proceeds of crime which were acquired by Satish Kumbhani and his associates were extorted by Shailesh Bhatt and his accomplices by kidnapping two of the associates of Satish Kumbhani,” said the agency.
