On April 18, the Enforcement Directorate (ED) seized over Rs 97 crore worth of properties belonging to businessman Raj Kundra in connection with a money laundering case. The assets included in the seizure are a residential flat in Mumbai's Juhu area owned by Kundra's wife, actress Shilpa Shetty, as well as a residential bungalow in Pune. The case involves allegations of investor funds being misappropriated through the use of Bitcoin. According to the ED, a provisional attachment order has been issued under the Prevention of Money Laundering Act (PMLA), targeting properties worth Rs 97.79 crore.
The money laundering case originates from FIRs filed by the Maharashtra Police and Delhi Police against a company called Variable Tech Pvt Ltd and several individuals, including the late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj, and various agents. The allegations involve the collection of vast sums of funds in Bitcoin (valued at Rs 6,600 crore in 2017) from unsuspecting investors, with promises of a 10% monthly return in the form of Bitcoin.
#BREAKING: Shilpa Shetty’s husband Raj Kundra’s properties worth ₹98 crore attached by ED in ₹7000 Cr bitcoin scam pic.twitter.com/k7sdx2jbQ1
— Akshita Nandagopal (@Akshita_N) April 18, 2024
The ED claims that the promoters of the scheme deceived the investors and hid the illegally obtained Bitcoins in obscure online wallets. The agency further stated that Raj Kundra had received 285 Bitcoins from Amit Bhardwaj, the mastermind behind the Gain Bitcoin Ponzi scheme, for establishing a Bitcoin mining farm in Ukraine.
The case has brought attention to the potential misuse of cryptocurrencies and the legal consequences of engaging in fraudulent investment schemes. The ED's actions demonstrate a crackdown on financial crimes and the individuals involved in exploiting innocent investors for personal gain.
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