To ‘recover’ losses from BitConnect, man kidnapped two

[TomPluz]

Indian authorities have arrested a man for allegedly kidnapping two employees of BitConnect creator Satish Kumbhani and extorting $125 million in crypto.

The Indian Enforcement Directorate (ED) of Ahmedabad said Shailesh Babulal Bhatt lost money investing in BitConnect Coin, a cryptocurrency linked to the now-defunct crypto platform BitConnect — which authorities have labeled a global 'Ponzi' scheme.

To “recover his investment,” the ED alleges Bhatt, along with accomplices, kidnapped two employees of BitConnect’s creator Satish Kumbhani, extorting 2,091 Bitcoin BTC and around $1.7 million (145 million Indian rupees) in return for their release.

BitConnect launched in 2016 and collapsed in 2018, with 4,000 people from 95 countries losing an estimated $2.4 billion. It’s alleged the whole enterprise was a massive Ponzi scheme.

You can learn more of this news here.

Bitconnect was one of the most famous crypto-related Ponzi scams years ago and I never thought it would still be landing on the news in 2024. The man who resorted to kidnaping must really be so desperate to recover his past losses on the failed scheme that he risked himself of being thrown to jail for kidnapping and extortion. As one of the many victims of the crime committed by Bitconnect,  Shailesh Babulal Bhatt is now facing the law as he likewise committed another crime. This is telling us how far-reaching are the consequences of scams and frauds in the society...they are destroying lives, collapsing families and can induce more crimes in the process. 

[ABCbits]

It's crazy, Bitconnect managed to turn victim into criminal. But the news doesn't mention the 2 employee attempt to warn investor and government, so they should've seen it coming.

[MrSpasybo]

Bitconnect was one of the most famous crypto-related Ponzi scams years ago and I never thought it would still be landing on the news in 2024. The man who resorted to kidnaping must really be so desperate to recover his past losses on the failed scheme that he risked himself of being thrown to jail for kidnapping and extortion. As one of the many victims of the crime committed by Bitconnect,  Shailesh Babulal Bhatt is now facing the law as he likewise committed another crime. This is telling us how far-reaching are the consequences of scams and frauds in the society...they are destroying lives, collapsing families and can induce more crimes in the process.

I never expected this to happen after Bitconnect (BCC, not BitcoinCash) collapsed in 2018, ending the lending wave and becoming the perfect reason for the crypto market to enter an extremely harsh winter. This ponzi scheme ruined the lives and futures of many people, turning them into debtors and plunging their families into despair.

Bhatt could have become wealthy if he had continued holding 2,091 BTC until today and had assets worth around $125M. Unfortunately, he joined BCC and lost all his assets, and even committed a crime 6 years after BCC disappeared. I hope his family will still be okay while he is in prison to pay for his recklessness.

[Vision pro]

Bitconnect was one of the most famous crypto-related Ponzi scams years ago and I never thought it would still be landing on the news in 2024. The man who resorted to kidnaping must really be so desperate to recover his past losses on the failed scheme that he risked himself of being thrown to jail for kidnapping and extortion. As one of the many victims of the crime committed by Bitconnect,  Shailesh Babulal Bhatt is now facing the law as he likewise committed another crime. This is telling us how far-reaching are the consequences of scams and frauds in the society...they are destroying lives, collapsing families and can induce more crimes in the process.

I never expected this to happen after Bitconnect (BCC, not BitcoinCash) collapsed in 2018, ending the lending wave and becoming the perfect reason for the crypto market to enter an extremely harsh winter. This ponzi scheme ruined the lives and futures of many people, turning them into debtors and plunging their families into despair.

Bhatt could have become wealthy if he had continued holding 2,091 BTC until today and had assets worth around $125M. Unfortunately, he joined BCC and lost all his assets, and even committed a crime 6 years after BCC disappeared. I hope his family will still be okay while he is in prison to pay for his recklessness.

The person you mentioned could have made a fortune today by holding Bitcoin, but unfortunately his participation in BitConnect deprived him of that opportunity.  The bitConnect breach and its ramifications have been a truly tragic chapter in the history of the crypto market.  BitConnect was a Ponzi scheme that lured many people through lending programs, and many lost their wealth and lives as a result of such Ponzi schemes.

[electronicash]

Bitconnect was one of the most famous crypto-related Ponzi scams years ago and I never thought it would still be landing on the news in 2024. The man who resorted to kidnaping must really be so desperate to recover his past losses on the failed scheme that he risked himself of being thrown to jail for kidnapping and extortion. As one of the many victims of the crime committed by Bitconnect,  Shailesh Babulal Bhatt is now facing the law as he likewise committed another crime. This is telling us how far-reaching are the consequences of scams and frauds in the society...they are destroying lives, collapsing families and can induce more crimes in the process.

I never expected this to happen after Bitconnect (BCC, not BitcoinCash) collapsed in 2018, ending the lending wave and becoming the perfect reason for the crypto market to enter an extremely harsh winter. This ponzi scheme ruined the lives and futures of many people, turning them into debtors and plunging their families into despair.

Bhatt could have become wealthy if he had continued holding 2,091 BTC until today and had assets worth around $125M. Unfortunately, he joined BCC and lost all his assets, and even committed a crime 6 years after BCC disappeared. I hope his family will still be okay while he is in prison to pay for his recklessness.

The person you mentioned could have made a fortune today by holding Bitcoin, but unfortunately his participation in BitConnect deprived him of that opportunity.  The bitConnect breach and its ramifications have been a truly tragic chapter in the history of the crypto market.  BitConnect was a Ponzi scheme that lured many people through lending programs, and many lost their wealth and lives as a result of such Ponzi schemes.

that's why he didn't moved on and was just hoping to recover it himself.  its a huge money already if he were just patient in holding. Bitconnect was just too good to pass that's why they were lured into it.

there are worse than what he did. two employees of BitConnect are lucky enough because. the previous kidnapping which the bodies of 2 promoters of Onecoin scam were dumped somewhere in the shores of Mexico.

[yhiaali3]

Although I sympathize with him, no one can justify these criminal acts even if the perpetrator lost his money due to this fraudulent currency, BitConnect, which caused a huge uproar and a very bad impact in the world of crypto that seems to remain for a long time.

Unfortunately, these scammers do not realize the result of their fraud on the victims and their families, as these fraudulent incidents can destroy the lives of entire families due to their bankruptcy or the man turning into a criminal to recover his stolen money.

Beyond anything, the mistake remains primarily the mistake of the man who trusted the fraudulent project and risked all his money. This is the biggest mistake any investor makes by investing all his money in any project.

[Jating]

It's just too bad to hear what people will do to recover their money. But it's very wrong to do, now not that he only losses his money, he might go to jail for this stupid thing that he had done. So it's a double whammy for him, and this should be another lessons for those who have been victimized by BCC not to just justice in to their hands as they might regret their decision later.

[bhadz]

I remember bitconnect. This is the problem for all of these scams, they will never know when karma will retaliate on them. They might get a lot of money and have an exit and enjoy their lives. But because of that, that's when the bad karma will hit them. The two employees might be part of the scam but they've worked for that shady project and probably have got a huge share, otherwise, they're just mere employees and the owner of it should suffer more.

[target]

He invested 2,091 BTC to Bitcoinnect. A whale became a victim in crypto scam this is not a pleasant story to tell and how it ended up for both sides.

Is the two Bitcoinect creator going to jail for the scamming they did  or still going to just walk free?  The whale already lost his trust to humanity, I think the authorities should do something.

[Zed0X]

Last year, there was an order of refund to the victims worldwide but the amount is too small compared to what they've scammed ($17.6 Million).

Is the two Bitcoinect creator going to jail for the scamming they did  or still going to just walk free?

I think the founder Satish Kumbhani remains at large. There are news of indictment but no news of his arrest yet.

Director and promoter Glenn Arcaro was charged and pleaded guilty.

[Aanuoluwatofunmi]

This is not something right to see others doing, if we make mistake as a result of the choice we made, we shouldn't then hold some other people into ransom for what we are passing through, kidnapping doesn't guarantee for full recovery, the main target here were supposed to the the organization involved and not other targets from innocent people, some people have just been used to judging things with the wrong approach.

[bitterguy28]

The man who resorted to kidnaping must really be so desperate to recover his past losses on the failed scheme that he risked himself of being thrown to jail for kidnapping and extortion.

yes he must be very desperate but he probably had some power to pull this off you can’t find a random man being able to kidnap 2 people especially two people who also have committed crimes

As one of the many victims of the crime committed by Bitconnect,  Shailesh Babulal Bhatt is now facing the law as he likewise committed another crime.

it’s just a shame that it ended up like this i am sure he is devastated for losing his money but now he has also lost his life as he will most likely be spending years in jail and even if not this record will be permanently on him and damage his image and reputation

[target]

Last year, there was an order of refund to the victims worldwide but the amount is too small compared to what they've scammed ($17.6 Million).

Is the two Bitcoinect creator going to jail for the scamming they did  or still going to just walk free?

I think the founder Satish Kumbhani remains at large. There are news of indictment but no news of his arrest yet.

Director and promoter Glenn Arcaro was charged and pleaded guilty.

We if the director pleaded guilty and currently in custody, you can only presume the government got their coins and apparently just like Mtgox they may return the coins or they may not.

That mannwho kidnapped the two I think have extracted some information from the victims and if he could bring it to the public, it will be controversial info.

[ABCbits]

This is not something right to see others doing, if we make mistake as a result of the choice we made, we shouldn't then hold some other people into ransom for what we are passing through, kidnapping doesn't guarantee for full recovery, the main target here were supposed to the the organization involved and not other targets from innocent people, some people have just been used to judging things with the wrong approach.

I'm not sure those BitConnect employee can be called innocent people, when the news doesn't state how much they were involved. But otherwise i get your point.

[Asiska02]

This is cruel in my opinion but it tells how far people can go in order to receiver their funds from scammers. Some scammers cause permanent destruction to people and their family and if they don’t have a way to get out of that hardship, they’ll become aliens and prey on those that put them in those situations. Bitconnect should serve as lessons to others that are planning to fraud their victims off their money, sometimes the consequences are worse and should not be ignored.