Divyesh Darji, BitConnect Head of India was arrested at Delhi Airport after he arrived from Dubai this week. The head and conspirators are accused of duping investors of crores of rupees seeking to find financial refuge. The outfit of Mr. Darji was registered in the UK but operated from the Burj Khalifa tower in Dubai. He was arrested by the Gujarat CID, inspector P G Narwade.
He said,
Darji was living in Dubai. A look-out circular was issued against him. The Immigration Department alerted us when he was on the way from Dubai to Ahmedabad, after which he was arrested today evening. The company came into existence in 2016 and in 2017, it launched the BitConnect coin. It remained active till January this year. It released 2.80 crore coins, out of which 1.80 crore coins were sold to investors.
He also stated,
The accused held seminars, events in India and other countries promising high interest-daily interest rate of 1% – on investment in BitConnect coins. The cost of one BitConnect coin on January 16, 2018, when the company shut down was USD 362.
At BitConnect’s Surat office the employees claimed that the promoters collected crores from multiple investors. A Surat-based builder Shailesh Bhatt claimed that he and his business partner were kidnapped by some policemen from Amreli. The policemen extorted Bitcoins worth Rs. 9 crores from them. After his statement, this alleged scam came to light.
The government claimed that the Indian black market was funding terrorism and illicit activity. So, the investigation was an effort to strangle the growing Indian black market.
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