PANews reported on August 18 that according to Bitcoin.com, the Indian Enforcement Directorate (ED) arrested a man for violating anti-money laundering laws in connection with kidnapping and extortion cases, including a major crime involving cryptocurrency involving more than 12 billion rupees (US$144 million). The Enforcement Directorate launched a money laundering investigation based on an FIR filed by the Criminal Investigation Bureau of the Surat Police Station against Satish Kumbhani, the promoter of Bitconnect Coin, and the man involved, Babulal Bhatt, was subsequently detained. Kumbhani allegedly deceived investors and absconded after shutting down the Bitconnect platform in January 2018. Bhatt, who had invested in Bitconnect, kidnapped two of Kumbhani's employees to recover his funds and extorted 2,091 bitcoins, 11,000 litecoins and 1.45 billion rupees in cash, equivalent to 123.25 billion rupees today. Bhatt also distributed Rs 289 crore of the extortion money to his associates for acquiring various assets.
