The ED is looking into Raj Kundra, Shilpa Shetty’s husband, for money laundering and running a Bitcoin Ponzi scheme. Attached are assets valued at ₹98 crore, which includes a Pune bungalow. He was given 285 Bitcoins by Amit Bhardwaj, the scammer.
Raj Kundra, the spouse of Bollywood star Shilpa Shetty, made headlines again on Thursday when the Enforcement Directorate (ED) apprehended properties valued at ₹98 crore, comprising equity shares and a Pune mansion, as part of a money laundering probe.
Four women claimed they were coerced into shooting porn after being offered playing roles in web series, leading the Mumbai Police to arrest Raj Kundra in July 2021. September 2021 saw his release from Arthur Road jail.
However, businessman Raj Kundra came under fire from federal investigators for using Bitcoins to defraud investors of their money.
Raj Kundra Net Worth: Assets worth ₹98 crore
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Raj Kundra Bitcoin Ponzi Scam: What is the case?
After several FIRs were filed by the Maharashtra and Delhi police, stressing the investors’ plea after they had invested in the scheme named “Gain Bitcoin” in 2017, the Bitcoin Ponzi fraud came to light.
Gain Bitcoin’s promoters, Ajay and Mahender Bhardwaj, assured investors that they would receive 10% monthly returns in bitcoins.
The company Variable Tech Pte Ltd was the target of the FIRs. The filings also included the names of this company’s promoters, Amit, Ajay, Vivek, Simpy, and Mahender Bhardwaj.
As to the police complaint, these individuals had amassed ₹6,600 crore from their investors in 2017.
Reports state that the investors received their initial payout from the fresh investments. But when the Bhardwaj group was unable to find new backers, the payments ceased.
With the remaining funds, they purchased bitcoins and concealed them in mysterious online wallets. According to the Enforcement Directorate, the investors were defrauded of their promised 10% of the Bitcoins by hiding their illicitly obtained holdings from them.
Raj Kundra business reported earning 285 Bitcoins for establishing a Bitcoin mining farm in Ukraine from Amit Bhardwaj, the creator and promoter of the Gain Bitcoin Ponzi scheme, according to the ED.
According to the ED, Raj Kundra still has 285 Bitcoins, which are currently worth over ₹150 crore.
Raj Kundra is not the primary accused in this case, though.
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Raj Kundra Bitcoin Ponzi Scam: Details of assets seized
According to the official statement released by the investigative agency, ED attached properties including a residential flat in Mumbai’s Juhu area. This residential flat was under the name of Shilpa Shetty.
ED also attached a bungalow in Pune registered under the name. The federal agency further attached equity shares of under the money laundering investigation.
A provisional attachment order has been issued under the provisions of the Prevention of Money Laundering Act (PMLA) to attach these properties worth ₹97.79 crore, ED said.
