ED seized properties worth Rs 47.70 crore in Gujarat crypto-currency scam

Ahmedabad, October 11 (IANS): The Enforcement Directorate (ED), Ahmedabad zone has provisionally attached immovable properties having a current market value of about Rs 47.70 crore, which are proceeds of crime (POC) in the case of “Cryptocurrency Bitconnect Coin” under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The ED initiated investigation on the basis of FIRs registered by the CID, Crime, Police Station, Surat against Divyesh Darji, Satish Kumbhani, Shailesh Bhatt and other suspects.

ED investigation revealed that during the period from November 2016 to January 2018, Satish Kumbhani, the promoter of Bitconnect Coin (a cryptocurrency) created a global network and attracted the public to invest in various investment schemes related to Bitconnect Coin through huge returns to offer. .

According to the investigation conducted so far, Satish Kumbhani and his associates had raised huge investments and cheated the investors. Later, a section of POC, which was taken over by Satish Kumbhani and his associates, was extorted by Shailesh Bhatt and his goons by kidnapping two of Satish Kumbhani’s associates.

During the course of investigation, it was revealed that the said properties were not acquired by the concerned persons from their legitimate income and were acquired/acquired as a result of commission of scheduled offenses under the PMLA.

In the ED case, Ahmedabad had earlier connected POC at a cost of Rs 488 crore (approx). The provisionally attached movable properties are part of the POC acquired by Satish Kumbhani, Shailesh Bhatt and their accomplices.

Shailesh Bhatt was also arrested on August 13 for money laundering and a chargesheet was filed against him in the Special Court (PMLA), Ahmedabad on October 10.

The accused Shailesh Bhatt is under judicial custody. The court has taken note of the case.

Further investigation is underway, the ED said.