Indian Authorities Arrest Two in Connection with BitConnect Scam

Indian authorities have arrested Nikunj Pravinbhai Bhatt and Sanjay Kotadia for their alleged involvement in the BitConnect cryptocurrency scam and related kidnapping and extortion case. According to Odaily, the investigation revealed that the criminal group extorted 2,254 Bitcoins, 11,000 Litecoins, and 145 million rupees in cash from victims through kidnapping. Some of the extorted Bitcoins were converted into ETH and USDT and transferred through multiple wallets. The Indian Enforcement Directorate has frozen assets worth approximately 190 million rupees, including cryptocurrencies, stocks, and cash. To date, the total value of seized or frozen assets in the case amounts to around 21.7 billion rupees. BitConnect had falsely promoted its AI trading bot as capable of generating 40% monthly returns to lure investors. The investigation is ongoing.