The Enforcement Directorate (ED) has provisionally hooked up movable properties within the type of cryptocurrencies, gold and money value roughly Rs 433 crore in reference to a cash laundering case towards one accused recognized as Divyesh Darji.
The federal probe company’s investigation relies on a First Data Report (FIR) registered by the Surat Police beneath a number of sections of the Indian Penal Code (IPC) and different legal guidelines towards Divyesh Darji, Satish Kumbhani, Shailesh Bhatt and different accused.
The case was later transferred to the Enforcement Directorate, which began its probe and likewise invoked a number of sections of the Prevention of Cash Laundering Act (PMLA) after it came upon that the properties have been acquired by way of unfair means.
In line with the Enforcement Directorate, from November 2016 to January 2018, Satish Kumbhani, because the promoter of the cryptocurrency Bitconnect Coin, established a worldwide community of promoters and induced folks to spend money on numerous schemes associated to Bitconnect Coin by providing enormous 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 company mentioned.
The provisionally hooked up movable properties are part of the proceeds of crime acquired by Satish Kumbhani, Shailesh Bhatt and their accomplices, the Enforcement Directorate mentioned.
Additional investigation is beneath progress, it added.