The post India’s ED arrests two in connection with BitConnect crypto fraud appeared on BitcoinEthereumNews.com.

India’s Enforcement Directorate (ED) has announced the arrest of two suspects in connection with the BitConnect crypto fraud. According to authorities, the BitConnect crypto fraud is a case that involved several illicit acts, including global fraud, kidnapping, and extortion involving thousands of Bitcoin and millions in cash. According to the statement by the Indian agency, the suspects were arrested by officers attached to its Ahmedabad zonal office under the Prevention of Money Laundering Act. The officials mentioned that the arrested suspects were 33-year-old Nikunj Pravinbhai Bhatt and 49-year-old Sanjay Kotadia. They claimed the suspects were arrested in an extortion case in relation to the BitConnect fraud. India’s ED apprehends two connected to the BitConnect crypto fraud group The money laundering investigation opened against the suspects was due to the multiple FIRs registered by the CID Crime branch in Surat against BitConnect founder Satish Jurjibhai Kumbhani and others. According to investigators, Kumbhani and his associates allegedly induced the public to invest in BitConnect Coin, with the organizers stealing the proceeds of the investment scheme to purchase Bitcoin and other luxury properties. The scheme ran between November 2016 and January 2018, involving the offering of unregistered digital assets through BitConnect’s Lending Program, which targeted investors worldwide, including multiple investors across India. In its statement, the ED mentioned that BitConnect claimed that it was a high-yield investment platform. The platform claimed to use a proprietary volatility trading bot that could generate returns of up to 40% every month for its users. The agency noted that the claims were lies and used to create a false sense of platform growth, including several fabricated daily returns of around 1% on its website. The funds were later diverted into digital assets controlled by the accused and his associates rather than being used for trading. The second…

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Filed under: News - @ January 24, 2026 10:26 am