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.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Comments
ED attaches Rs 32 crore in over 500 bank accounts in multi-crore part-time job scam
IANS 29 March 2024
Cracking down on the part-time job scamsters, the Enforcement Directorate (ED) on Thursday attached over Rs 32 crore lying as a balance in over 500 bank accounts in Hyderabad and adjoining areas.
 
The scam came to light...
FTX CEO Sam Bankman-Fried sentenced to 25 years in prison
IANS 29 March 2024
Sam Bankman-Fried, the co-founder and CEO of collapsed crypto exchange FTX, was on Thursday sentenced to 25 years in prison in the US for seven counts of conspiracy and fraud charges.
 
Judge Lewis Kaplan ordered a 240-month...
ED Attaches M3M Group's Properties Worth Rs124.57 Crore in Delhi, Gurugram
IANS 27 March 2024
The Enforcement Directorate (ED) has attached immovable properties worth Rs124.57 crore belonging to RS Infrastructure Private Ltd, M/s Kenwood Mercantile Private Ltd, M/s Goodfaith Builders Private Ltd and other suspects involved...
ED Files Charge-sheet against Karti Chidambaram, Others in Chinese Visa Scam Case
IANS 21 March 2024
The enforcement directorate (ED) has filed a charge-sheet before the special PMLA (Prevention of Money Laundering Act) court in Delhi against Karti P Chidambaram and his former chartered accountant S Bhaskararaman in the Chinese visa...
Array
Free Helpline
Legal Credit
Feedback