Surat Bitcoin Scandal: Nephew's Arrest Deepens Probe
The Enforcement Directorate arrested two individuals, including Nikunj Bhatt, in connection with the 2018 Bitcoin extortion case. Bhatt allegedly facilitated cryptocurrency transfers and concealed his involvement using pseudonymous identities. The investigation, centered on builder Shailesh Bhatt's criminal activities, underscores an intricate web of financial deceit and manipulation.
- Country:
- India
The Enforcement Directorate (ED) on Tuesday made a significant breakthrough in the 2018 Bitcoin extortion case, apprehending two individuals, including Nikunj Bhatt, a nephew of the main accused, Shailesh Bhatt.
The arrests were made as part of a broader probe into a multi-crore money laundering scheme, which initially involved the extortion of 2,291 Bitcoins, valued at Rs 260 crore at the time, from an employee of a cryptocurrency firm, BitConnect Coin.
Investigators revealed that Nikunj Bhatt was instrumental in transferring and controlling the cryptocurrency proceeds, allegedly using evasive tactics to mask his involvement. The ED continues its efforts to trace illicit funds and identify key beneficiaries in this elaborate scam.
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