Indian authorities have arrested a man for allegedly kidnapping two employees of BitConnect creator Satish Kumbhani and extorting $125 million in crypto.
India’s law enforcement has arrested a man suspected of kidnapping two people connected to a once well-known crypto ‘Ponzi' in an attempt to “recover his investment.”
In an Aug. 17 statement, the Indian Enforcement Directorate (ED) of Ahmedabad said Shailesh Babulal Bhatt lost money investing in BitConnect Coin, a cryptocurrency linked to the now-defunct crypto platform BitConnect — which authorities have labeled a global 'Ponzi' scheme.
To “recover his investment,” the ED alleges Bhatt, along with accomplices, kidnapped two employees of BitConnect’s creator Satish Kumbhani, extorting 2,091 Bitcoin (BTC), 11,000 LiteCoin (LTC) and around $1.7 million (145 million Indian rupees) in return for their release.
