Indian law enforcement agency arrests two BitConnect fraud suspects

The Indian law enforcement agency has arrested Nikunj Pravinbhai Bhatt and Sanjay Kotadia on suspicion of involvement in BitConnect cryptocurrency fraud and kidnapping extortion. The investigation shows that the gang kidnapped and extorted 2254 bitcoins, 11000 Litecoins, and 145 million rupees in cash. Some bitcoins were converted into ETH and USDT and transferred through multiple wallets. The law enforcement agency has frozen approximately 190 million rupees of assets, with a total of approximately 21.7 billion rupees of assets seized or frozen. The investigation is still ongoing.