In one of the largest seizures of cryptocurrency in the country, Enforcement Directorate (ED) has frozen Rs 1,646 crore worth of such assets as part of a probe into a larger $2.4 billion (Rs 22,500 crore) BitConnect scam. Prime accused Satish Kumbhani was indicted in the US in 2022 and faces 70 years in prison in the case that dates back seven to nine years.
ED’s Ahmedabad zonal office said apart from seizures under Prevention of Money Laundering Act (PMLA), Rs 13.5 lakh in cash and a luxury car along with digital devices were seized. ED had earlier attached movable and immovable properties worth Rs 489 crore in the case.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
