India is home to some of the largest scams in recent recorded human history. And now, it is being reported that the nation has served as the bedrock for a scam that has involved numerous extortions, kidnappings, and other similar nefarious activities.

A Background of the Case

The aforementioned scandal first came to the forefront when an individual by the name of Shailesh Bhatt was allegedly kidnapped by a group of police officials, who then demanded that Bhatt pay a ransom of 200 Bitcoin to secure his freedom.

While the allegations were initially pushed aside as being ludicrous, the claim was then looked into by the Indian Criminal Investigation Department (CID), after which 8 of the involved officials were suspended.

Wait…. There’s More

Following the investigation, a mountain of evidence was uncovered which then led the CID to the masterminds behind this entire scheme. The two people included:

  • Kirit Paladiya– an aide and business fellow of Bhatt, who had worked alongside him in his construction company.

  • Nalin Kotadiya– Paladiya’s uncle and a former member of the Bharatiya Janata Party (BJP).

However, as soon as Kotadiya’s name was added to the fray, it came to light that Mr. Bhatt himself was part of the plan and had plotted his own kidnapping.

Finally, after an arduous look into the matter, it was concluded that Bhatt, along with several of his henchmen, kidnapped two Bitconnect officials and demanded more than 2,200 Bitcoin for their freedom. But Paladiya then went a step further and extorted Bhatt for an additional sum of BTC, following which Bhatt took legal recourse— which eventually led to the creation of this hot mess.

In Closing

Bitconnect, though big during 2016-2017, is now known to be one of the biggest Ponzi schemes of all time. Cases like these show a growing need for more security within this financial space— especially within countries where law enforcement standards are not maintained at an extremely high-level.


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