Surat: The Enforcement Directorate (ED) has taken action against the alleged perpetrators of a cryptocurrency scam in Gujarat, attaching movable properties worth Rs 433 crore. Among those implicated is Divyesh Darji, identified as the Asia head of Bitconnect, a UK-based crypto company. The scam is reported to have enticed individuals with promises of hefty returns on their investments, resulting in the siphoning off of significant amounts of money.
The attached assets include cryptocurrencies, gold, and cash in both Indian Rupees and US Dollars, all of which are suspected to be proceeds of the illicit activities. According to the ED, these actions were taken under the provisions of the Prevention of Money Laundering Act (PMLA) 2002.
The investigation into the matter was initiated based on First Information Reports (FIRs) filed by the CID (Crime) Gujarat, invoking various sections of the Indian Penal Code, Gujarat Protection of Interests of Depositors Act 2003, and the Prize Cheat Money Circulation Scheme Banning Act 1978. Divyesh Darji, Satish Kumbhani, Shailesh Bhatt, and others are among the accused individuals.
During the course of the PMLA investigation, it was allegedly discovered that the properties in question were not obtained through legitimate means, but rather as a result of criminal activities. The ED found that between November 2016 and January 2018, Satish Kumbhani, the promoter of Bitconnect Coin, orchestrated a global network of promoters to entice the public into investing in various schemes associated with Bitconnect Coin, promising substantial returns.
The investigation further revealed that Kumbhani and his associates amassed significant investments and defrauded investors. Subsequently, a portion of the illicit funds acquired by Kumbhani and his associates was reportedly extorted by Shailesh Bhatt and his accomplices, who allegedly kidnapped two of Kumbhani's associates.
Divyesh Darji, the prime accused, was apprehended at the Delhi airport in 2018 upon his return from Dubai. He is accused of defrauding investors of USD 12.7 billion through Bitconnect.in, the Indian arm of the UK-based Bitconnect, launched shortly after demonetization. Darji has also been linked to a Rs 22,000 bitcoin scam and another scam involving Rs 1,000 crore in Dekado coin. This marks the third instance in which Darji has been implicated.
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