The Indian Enforcement Directorate (ED) has arrested Shailesh Babulal Bhatt, a resident of Gujarat, in connection with a high-profile cryptocurrency extortion case valued at over ₹1,200 crore (approximately $148 million). Bhatt, who has been linked to several kidnapping and extortion incidents, was apprehended earlier this week, as confirmed by the ED on Saturday.

Bhatt, who has been involved in several kidnapping and extortion incidents, was taken into custody earlier this week, as confirmed by local reports on Saturday.

The investigation began after the Surat Police CID filed complaints against Satish Kumbhani, the man behind the bankrupt cryptocurrency platform, Bitconnect Coin. Bitconnect attracted many investors in 2017-18 with promises of high returns. But in January 2018, Kumbhani suddenly shut down the platform and disappeared with investors’ money.Bhatt, who had invested in Bitconnect Coin, decided to take drastic steps to recover his lost money.

He allegedly kidnapped two of Kumbhani’s employees and demanded ransom in the form of cryptocurrency and cash.According to the ED, Bhatt extorted 2,091 Bitcoins ($125m), 11,000 Litecoins, and ₹14.50 crore in cash, which is now valued at ₹1,232.50 crore ($146m)The investigation also revealed that Bhatt shared ₹289 crore ($1.7m) of the extorted money with his accomplices, who helped him carry out the kidnappings and extortions.

The money was used to buy properties, gold, and other valuable items.The ED stated that Bhatt’s arrest is part of a larger effort to tackle money laundering linked to cryptocurrency scams.

The ongoing investigation aims to find out more about how the extorted money was used and where it was hidden.

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