The Enforcement Directorate (ED) has taken a significant step in the ongoing investigation related to a Bitcoin Ponzi scam by seizing properties worth ₹97.79 crore belonging to businessman Raj Kundra. This development has brought attention to the complex web of financial activities surrounding Kundra, who is also known as the husband of Bollywood actor Shilpa Shetty.
The attached properties include a residential flat in Juhu, currently registered under Shilpa Shetty’s name, a residential bungalow in Pune, and equity shares owned by Raj Kundra. This action underscores the seriousness of the allegations and the scale of the financial transactions under scrutiny.
Both Raj Kundra and Shilpa Shetty have vehemently denied any involvement in the case. Their lawyer, Prashant Patil, stated that there is no prima facie case against them and expressed confidence in a fair investigation by the authorities.
The ED’s probe is based on complaints filed by Maharashtra and Delhi Police against Variable Tech Private Limited and several individuals, including Raj Kundra. The investigation revolves around allegations of a Bitcoin Ponzi scheme that amassed approximately ₹6,600 crore in Bitcoins in 2017, deceiving investors with promises of high returns.
During the investigation, it was discovered that Raj Kundra received 285 Bitcoins from Amit Bhardwaj, the alleged mastermind behind the ‘Gain Bitcoin’ Ponzi scheme. These Bitcoins, now valued at over ₹150 crore, were intended for a Bitcoin mining farm in Ukraine, a deal that did not materialize as planned.
Raj Kundra’s legal troubles extend beyond the Bitcoin Ponzi scam. He was previously arrested in 2021 in connection with the production and distribution of pornographic films through a mobile app called ‘Hotshots’. Despite being granted bail by the Supreme Court in that case, Kundra’s legal challenges continue to mount.
The seizure of Raj Kundra’s properties and the ongoing investigation into the Bitcoin Ponzi scam highlight the complexities and legal ramifications of financial fraud. The case remains a focal point in the intersection of business, technology, and law, with implications for both investors and individuals involved in such schemes.
Sources By Agencies
