Indian authorities have seized ₹4.3 billion in cryptocurrency, gold and cash ($51.9 million USD).

As
reported by The Hindu
on April 1st, the assets are tied to BitConnect’s “Divyesh Darji and others”.

The ED probe is based on the First Information Reports registered by the Surat police in Gujarat under various provisions of the Indian Penal Code, Gujarat Protection of Interests of Depositors Act, and the Prize Cheat Money Circulation Scheme Banning Act.

Among those named as accused are Mr. Darji, Satish Kumbhani, and Shailesh Bhatt.

BitConnect was a multi-billion MLM crypto Ponzi that
collapsed
in 2018.

Indian authorities claim BitConnect was
created
by Satish Kumbhani, Divyesh Darji and Gautam Lathiya.

The trio sought to evade demonetization laws related to black money, brought into effect by the Indian government in late 2016.

Satish Kumbhani has been arrested twice by Indian authorities but both times was released on bail.

After being released, Kumbhani promptly fled the country. Following his second 2019 arrest, Kumbhani is believed to have again
fled to Dubai
.

Kumbhani remains wanted by Indian authorities. He has also been
indicted in the US
and has an open arrest warrant out on him.

Divyesh Darji was
arrested in 2018
on a flight returning from Dubai. What happened after that is unclear but, like Kumbhani, Darji is believed to have been released and fled back to Dubai.

Shailesh Bhatt is/was a local builder from Gujarat. He was arrested in 2018 following a
messy BitConnect related kidnap extortion plot
.  Bhatt’s status after his arrest is unclear.

🤖 Quick Answer

What assets did Indian authorities seize in the BitConnect case?
Indian authorities seized ₹4.3 billion in cryptocurrency, gold, and cash, equivalent to $51.9 million USD, tied to BitConnect operators including Divyesh Darji and others, based on investigations by the Enforcement Directorate following First Information Reports registered by Surat police.

Who were the main accused individuals in the BitConnect seizure?
The primary accused individuals named in the case were Divyesh Darji, Satish Kumbhani, and Shailesh Bhatt, who Indian authorities claim created and operated BitConnect, a multi-billion dollar MLM cryptocurrency Ponzi scheme that collapsed in 2018.

What legal provisions were invoked in the BitConnect investigation?
The ED probe was based on First Information Reports registered under various provisions of the Indian Penal Code,

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