Ahmedabad, Oct 11 (IANS) The Enforcement Directorate (ED), Ahmedabad zone, has provisionally attached immovable properties having a present market value of Rs 47.70 crore (approximately) 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 accused persons.
ED investigation revealed that during the period from November, 2016 to January, 2018, Satish Kumbhani, the promoter of Bitconnect Coin (a cryptocurrency), established a worldwide network and induced public to invest in various investment 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 POC 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.
During investigation, it was revealed that the said properties were not acquired by the concerned persons out of their legitimate income and the same were derived/obtained as the result of commission of Scheduled Offences under the PMLA.
In the case ED, Ahmedabad had earlier attached POC to the tune of Rs 488 crore (approx.). The provisionally attached movable properties are a part of the POC acquired by Satish Kumbhani, Shailesh Bhatt and their accomplices.
Shailesh Bhatt was also arrested for the offence of money-laundering on August 13 and a Prosecution Complaint has been filed against him on October 10 before the Special Court (PMLA), Ahmedabad.
The accused Shailesh Bhatt is under judicial custody. The court has taken the cognizance of the matter.
Further investigation is under progress, the ED said.
–IANS
skp/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
