Indian authorities seize $51.9 million tied to BitConnect


Indian authorities have seized ₹4.3 billion in cryptocurrency, gold and money ($51.9 million USD).

As reported by The Hindu on April 1st, the belongings are tied to BitConnect’s “Divyesh Darji and others”.

The ED probe relies on the First Data Stories registered by the Surat police in Gujarat beneath varied provisions of the Indian Penal Code, Gujarat Safety of Pursuits of Depositors Act, and the Prize Cheat Cash Circulation Scheme Banning Act.

Amongst these named as accused are Mr. Darji, Satish Kumbhani, and Shailesh Bhatt.

BitConnect was a multi-billion MLM crypto Ponzi that collapsed in 2018.

Indian authorities declare BitConnect was created by Satish Kumbhani, Divyesh Darji and Gautam Lathiya.

The trio sought to evade demonetization legal guidelines associated to black cash, introduced into impact by the Indian authorities in late 2016.

Satish Kumbhani has been arrested twice by Indian authorities however each occasions was launched on bail.

After being launched, Kumbhani promptly fled the nation. Following his second 2019 arrest, Kumbhani is believed to have once more fled to Dubai.

Kumbhani stays wished by Indian authorities. He has additionally been indicted within the US and has an open arrest warrant out on him.

Divyesh Darji was arrested in 2018 on a flight getting back from Dubai. What occurred after that’s unclear however, like Kumbhani, Darji is believed to have been launched and fled again to Dubai.

Shailesh Bhatt is/was an area builder from Gujarat. He was arrested in 2018 following a messy BitConnect associated kidnap extortion plot.  Bhatt’s standing after his arrest is unclear.



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