The Enforcement Directorate (ED) has provisionally attached movable properties in the form of cryptocurrencies, gold and cash worth approximately Rs 433 crore in connection with a money laundering case against one accused identified as Divyesh Darji.
The federal probe agency’s investigation is based on a First Information Report (FIR) registered by the Surat Police under multiple sections of the Indian Penal Code (IPC) and other laws against Divyesh Darji, Satish Kumbhani, Shailesh Bhatt and other accused.
The case was later transferred to the Enforcement Directorate, which started its probe and also invoked several sections of the Prevention of Money Laundering Act (PMLA) after it found out that the properties were acquired through unfair means.
According to the Enforcement Directorate, from November 2016 to January 2018, Satish Kumbhani, as the promoter of the cryptocurrency Bitconnect Coin, established a worldwide network of promoters and induced people to invest in various schemes related to Bitconnect Coin by offering huge returns.
“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 agency said.
The provisionally attached movable properties are a part of the proceeds of crime acquired by Satish Kumbhani, Shailesh Bhatt and their accomplices, the Enforcement Directorate said.
Further investigation is under progress, it added.
Source Agencies
