Probe leads to higher value of seizure than complaints

Surat: After it has identified property and bitcoins worth around Rs 70 crore of the accused of bitconnect cryptocurrency racket, the criminal investigation department (CID) is in the process of seizing the property. But, there’s a twist. The CID has received complaint of fraud of Rs 12 crore only! CID officers, therefore, believe that a large number of investors have not come forward to report about the fraud fearing investigation by other agencies.
So far 45 persons have reported of being cheated by the accused and the total amount of fraud reported has reached Rs 12.69 crore. The police have arrested Divyesh Darji, Satish Kumbhani, Suresh Gorasiya, Rakesh Savani and Dhaval Mavani. From the accused police have recovered 622 bitcoins with current market value of Rs 51 crore. CID is processing how to convert the bitcoin into Indian currency and transfer the amount in the government’s account. Meanwhile, the CID has also attached immovable property worth Rs 19 crore of Darji, who is believed to have invested the fraudulently earned cryptocurrency amount into property.
“In very few cases it happens that the recovery of earning of accused is higher compared to the amount mentioned in the complaint. Not many complainants have come forward at present,” said a CID officer.
The officials fear that a large amount of recovered money would be claimed back by the accused if no complainants turn up. The accused has a right to claim back the seized money if no complainant comes forward to claim it, sources informed.
“We are not sure why the complainants are not contacting CID, but it seems they fear actions by other investigation agencies like the income tax. Since majority of money invested during the demonetization was black money the investors do not wish to come out openly,” said another CID officer.
CID is yet to identify and attach immovable properties of other accused except Darji. The amount of total seizures is likely to go higher.