ED Seizes Raj Kundra’s INR 98 Crore Assets in Bitcoin Ponzi Scam Probe:
Businessman Raj Kundra’s assets, valued at nearly Rs 98 crore, including his wife Shilpa Shetty’s Juhu flat, have been seized by the Enforcement Directorate (ED). The Mumbai Zonal Office has provisionally attached immovable and movable properties totaling Rs. 97.79 crore belonging to Raj Kundra, also known as Ripu Sudan Kundra, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The attached properties comprise a residential flat in Juhu, currently under Shilpa Shetty’s name, a residential bungalow in Pune, and equity shares registered in Raj Kundra’s name.
The ED launched an investigation based on multiple FIRs filed by the Maharashtra Police and Delhi Police against M/s Variable Tech Pte Ltd, late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj, and numerous MLM agents. These FIRs alleged that the individuals involved had amassed substantial funds, approximately Rs 6,600 crore in Bitcoins alone in 2017, from unsuspecting members of the public by promising a monthly return of 10 percent in Bitcoins.
The collected Bitcoins were purportedly meant for Bitcoin mining, with investors anticipating significant returns in crypto assets. However, the promoters deceived investors and concealed the acquired Bitcoins in obscure online wallets. During the ED’s investigation, it was discovered that Raj Kundra had received 285 Bitcoins from Amit Bhardwaj, the mastermind behind the Gain Bitcoin Ponzi scheme, to establish a Bitcoin mining farm in Ukraine.
These Bitcoins were obtained from the illicit funds collected by Bhardwaj from unsuspecting investors. As the intended deal did not materialize, Kundra retains possession and control of the 285 Bitcoins, currently valued at over Rs 150 crore.
The investigation is ongoing.
