The Enforcement Directorate (ED) has provisionally attached movable properties worth Rs 433 crore of Divyesh Darji, the Asia head of a UK-based crypto company – Bitconnect, and others for their alleged involvement in a cryptocurrency scam in Gujarat.
The scam allegedly led to the syphoning of lakhs of rupees after luring people to get whopping returns on their investments.
Assets, including cryptocurrencies, gold and cash, were attached under the Prevention of Money Laundering Act (PMLA) based on FIRs registered by CID (Crime) Gujarat against Darji, Bitconnect promoter Satish Kumbhani, Shailesh Bhatt and others.
Investigation so far has revealed that the said assets were not bought or acquired by the accused out of their legitimate income. Instead, these were derived/obtained as the result of commission of scheduled offences under the PMLA.
According to the probe, between November, 2016 and January, 2018, Kumbhani established a worldwide network of promoters and lured the public to invest in various investment schemes related to Bitconnect Coin by offering huge returns.
“Later, a part of the proceeds of crime that were acquired by Satish Kumbhani and his associates was extorted by Shailesh Bhatt and his accomplices by kidnapping two of the associates of Satish Kumbhani,” said the ED in a statement. The provisionally attached movable properties are a part of the proceeds of crime acquired by Kumbhani, Bhatt and their accomplices, it adds.
Further investigation is underway to identify the remaining proceeds of crime. Darji, the main accused, was arrested from the Delhi airport in 2018.
© The Indian Express Pvt Ltd
First uploaded on: 01-04-2024 at 23:16 IST
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