• India’s Enforcement Directorate detained an individual linked to a crypto extortion case involving 2,091 BTC, 11,000 LTC and cash. 
• The authorities conducted a money-laundering investigation based on complaints registered in relation to Bitconnect Coin in 2017 and 2018. 
• Bitcoin trades above $60,000 and Litecoin hovers under $68 on Sunday. 

India’s money-laundering investigator authority, the Enforcement Directorate (ED) tracked down and detained an individual Shailesh Bhatt in connection with a $145 million crypto extortion case. 

The man is accused of money-laundering and defrauding individuals through the ponzi scheme Bitconnect coin, between 2017 and 2018. 

Indian authorities detain individual linked to $145 million crypto extortion case

An entrepreneur linked with the project Bitconnect coin allegedly extorted individuals and defrauded investors for nearly $145 million in cryptocurrencies. The digital assets in question include 2,091 Bitcoin, 11,000 Litecoin and nearly $1.72 million in cash.

The founder of Bitconnect was indicted in the US for his role in the multi-billion dollar fraudulent scheme, per information from the US Department of Justice (DoJ).