Mumbai: In a case involving bitcoin fraud, the ED seizes the assets of Raj Kundra and Shilpa Shetty
In connection with a Bitcoin investment fraud case, the Enforcement Directorate (ED) is reported to have attached assets worth around Rs 97.79 crore that belong to Raj Kundra and his spouse, actress Shilpa Shetty, in violation of the Prevention of Money Laundering Act (PMLA), 2002. The associated assets, which are estimated to be valued at about Rs 97.79 crore, comprise a residential property in Juhu that is now registered under Shilpa’s name, a residential house in Pune, and equity shares in Kundra’s name, according to ED sources.
In September 2021, Kundra—who had been detained for two months in relation to a pornographic case—was released on bond. Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simp Bhardwaj, Mahender Bhardwaj, and several multi-level marketing agents are among the parties named in multiple FIRs filed by Maharashtra and Delhi Police against M/s Variable Tech Pvt Ltd, which is the subject of the most recent action by the ED. The case is related to money laundering allegations made against Kundra.
According to the FIRs, the accused allegedly obtained large sums of money in Bitcoins—roughly Rs 6,600 crore—from the general public by making fraudulent claims of a 10% monthly return on Bitcoin purchases.
In exchange for establishing a Bitcoin mining farm in Ukraine, Amit, the creator and marketer of the Gain Bitcoin Ponzi scheme, allegedly gave Kundra 285 bitcoins, according to ED sources. These bitcoins were obtained by Amit from unwary investors using the profits of crime.
Even though the agreement fell through, Kundra refused to return the 285 bitcoins, which are now worth more than R150 crore. Three people, Simpy Bhardwaj, Nitin Gaur, and Nikhil Mahajan, were taken into custody by the police after earlier search operations. The principal defendants, Mahendra and Ajay, continue to elude authorities. This is the second attachment in the case; the ED had previously attached assets valued at Rs 69 crore.
