Enforcement Directorate Cracks Down on Crypto Extortion Ring‼️‼️‼️
Shailesh Bhatt, a Gujarat resident, has been arrested by the Enforcement Directorate (ED) for his alleged role in a ₹1,232 crore ($150 million USD) cryptocurrency extortion scam linked to the notorious Bitconnect Ponzi scheme.
The ED alleges that Bhatt and his associates used the Bitconnect platform to extort money from investors, promising unusually high returns. After Bitconnect's shutdown in 2018, the ED investigated and found that the accused had laundered the extorted funds through various cryptocurrencies and bank accounts.
In connection with the case, the ED has seized assets worth ₹1,232 crore. This crackdown highlights the agency's efforts to combat cryptocurrency-related fraud and extortion in India.
DYOR
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