🚨💥 Unbelievable but true: Indian investor kidnaps BitConnect employees to recoup his losses! 💥🚨
Shailesh Babulal Bhatt, a hapless investor in BitConnect Coin, took an extreme turn to recoup his losses. According to Indian authorities, Bhatt, with the help of accomplices, allegedly kidnapped two BitConnect employees, hoping to get his funds back through ransom. The BitConnect Ponzi scheme, launched in 2016, promised enticing returns via a so-called “Trading Bot” and “volatility software,” but collapsed, leaving behind $2.4 billion in victims.
Bhatt managed to extort 2,091 BTC, 11,000 LTC, and about $1.7 million in Indian Rupees from BitConnect employees, totaling $146.8 million! His accomplices spent $34 million on real estate, gold, and other assets, while authorities seized $52 million worth of assets related to the case.
Arrested on August 13 under India's money laundering law, Bhatt had already been arrested once in 2017. BitConnect founder Satish Kumbhani remains at large, while some key promoters have been prosecuted, including John Louis Anthony Bigatton, who was convicted in July 2024 of providing unauthorized financial advice.
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