PANews January 25th Report, according to India Today, the Indian law enforcement agency has arrested two individuals related to the BitConnect cryptocurrency scam case, which involves fraud, kidnapping, and extortion on a global scale, with the involved amount reaching thousands of bitcoins and tens of millions of rupees in cash. The arrested Nikunj Pravinbhai Bhatt and Sanjay Kotadia are suspected of participating in a kidnapping and extortion case, where the victim was forced to surrender 2254 bitcoins, 11,000 Litecoin, and approximately 1.45 billion rupees in cash. Some of the extorted bitcoins were converted into ETH and USDT and transferred through multiple wallets. The Indian law enforcement agency has frozen and seized assets worth about 1.9 billion rupees, including cryptocurrencies, stocks, and cash; as of now, the total seized or frozen assets in this case amount to approximately 217 billion rupees. The investigation is still ongoing.
The Indian law enforcement agency stated that BitConnect markets itself as a high-yield investment platform, claiming that its self-developed volatility trading robot can generate returns of up to 40% per month. The agency said these claims are purely fictitious, aimed at creating a false illusion of growth, including posting about 1% fake daily returns on its website.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
BTC drops below 66,000 USDT
Gate News bot message, Gate market display, BTC drops below 66,000 USDT, current price 65,975.4 USDT.
CryptoRadar7m ago
The cryptocurrency market has almost completely reversed the growth thanks to the 2024-2025 US elections.
The cryptocurrency market has lost around 40% of its value from the peak in October 2025, following a significant growth period after the 2024 US presidential election. Key cryptocurrencies like Bitcoin and Ether also faced substantial declines, with investor sentiment hitting historic lows.
TapChiBitcoin12m ago
BTC drops below 67,000 USDT
Gate News bot message, Gate market display, BTC drops below 67,000 USDT, current price 66,999.8 USDT.
CryptoRadar28m ago
Grayscale Says XRP Among Top Client Talking Points After Bitcoin
XRP is emerging as a dominant crypto talking point after bitcoin, with Grayscale reporting sustained advisor demand and expanding regulated investment products that deepen market access and liquidity for the digital asset across traditional brokerage platforms.
Grayscale Reveals XRP Is a
Coinpedia39m ago
CME "Smart Money" reduces shorts, BTC holds above 200-week EMA, possibly reaching $85,000 before April
The CFTC report shows that the net short positions in CME non-commercial Bitcoin futures have significantly decreased, indicating that investors are turning bullish, similar to the situation before past price increases. Bitcoin is currently holding above the 200-week EMA support level, and analysts expect a rebound that could reach $85,000, but also warn that the market still faces downside risks.
GateNewsBot46m ago
