ED Attaches Assets Worth Over Rs430 Crore in Money Laundering Case Linked to Bitconnect Coin
The enforcement directorate (ED) has provisionally attached movable properties in the form of crypto currencies, gold, and cash valued at over Rs430 crore in a money laundering case against accused Divyesh Darji and others.
According to officials, the financial probe agency had initiated an investigation on the basis of FIR registered by the Surat Police under various Sections of IPC, 1860, Gujarat Protection of Interests of Depositors Act (GPID), 2003 and Prize Chit Money Circulation Scheme Banning Act, 1978 against Divyesh Darji, Satish Kumbhani, Shailesh Bhatt and other accused persons.
During the investigation under the Prevention of Money-Laundering Act (PMLA), 2002, it was revealed that the properties were not acquired by the concerned persons out of their legitimate income and the same were derived or obtained as the result of the commission of scheduled offences under the PMLA.
"ED investigation revealed that during the period from November 2016 to January 2018, Satish Kumbhani, the promoter of Bitconnect Coin (a cryptocurrency), established a worldwide network of promoters and induced the public to invest in various investment schemes related to Bitconnect Coin by offering huge returns," said a senior ED official.
The official further said that as per the investigation done so far, Satish Kumbhani and his associates had raised huge investments and cheated the investors.
Later, a part of the proceeds of crime which were acquired by Satish Kumbhani and his associates, were extorted by Shailesh Bhatt and his accomplices by kidnapping two of the associates of Satish Kumbhani.
"The provisionally attached movable properties are a part of the proceeds of crime acquired by Satish Kumbhani, Shailesh Bhatt and their accomplices," the official added.
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