Ahmedabad: The Enforcement Directorate (ED) has carried out a major action in the high-profile Bitcoin and cryptocurrency manipulation case, arresting relatives of the main accused in connection with alleged illegal transactions exceeding ₹240 crore.

It is learnt that the ED has arrested Nikunj Bhatt, nephew of prime accused Shailesh Bhatt, and Sanjay Kotdiya, a relative of former MLA Nalin Kotdiya. Both were taken into custody for their alleged role in illegal cryptocurrency transactions and financial laundering linked to the case.

The accused were produced before a special court, where the ED sought a 10-day remand to further investigate the money trail and digital assets. The court granted five days of custodial remand till January 24.

The case dates back to 2018. During that period, Surat-based company BitConnect launched cryptocurrency investment schemes. Builder Shailesh Bhatt had reportedly invested substantial funds in the platform. However, after BitConnect shut down operations, investors allegedly suffered heavy losses.

Investigators claim that Bhatt, along with his associates, kidnapped employees and office-bearers of BitConnect Limited and forcibly obtained Bitcoin, Litecoin and cash from them. DeshGujarat