Raj Kundra Money Laundering Case: All You Need To Know About Bitcoin Scam Linked To Probe Against Shilpa Shetty Kundra's Husband

In a storyline reminiscent of cinematic intrigue, Raj Kundra, spouse to Shilpa Shetty Kundra, finds himself ensnared in an unforeseen twist. Amidst the glitz of celebrity life, the looming shadow of the Enforcement Directorate's investigation unveils something shocking. The scrutiny revolves around a money laundering case intertwined with a Ponzi scheme, unravelling a web of deception amidst the allure of fame. With properties valued at Rs 97.79 crore seized, including a Mumbai residence registered under Shilpa Shetty's name, the gravity of the situation intensifies it seems things are about to get more complicated. Trouble for Shilpa Shetty: ED Attaches Flat in Juhu, Assets Worth Over Rs 97 Crore Belonging to Actress and Her Husband Raj Kundra in Bitcoin Scam Case.

At the heart of the matter lies the Gain Bitcoin investment scheme launched in 2017, promising extravagant returns but ultimately amassing Rs 6,600 crore before the facade crumbled under regulatory scrutiny. Raj Kundra is facing scrutiny from the Enforcement Directorate over allegations of benefiting from the proceeds of the Gain Bitcoin Ponzi Scam.

ED Investigates Raj Kundra

The Enforcement Directorate's (ED) investigation of Raj Kundra's properties for allegedly receiving 285 bitcoins, worth approximately Rs 150 crore, from the mastermind Amit Bhardwaj of the Gain Bitcoin Ponzi Scam to establish a Bitcoin mining farm in Ukraine, a project that never materialised. Kundra retains possession of the bitcoins, while assets worth Rs 97.79 crore, including a residential flat in Juhu registered under his wife Shilpa Shetty's name, a bungalow in Pune, and his equity shares, have been attached. The probe further unveils that Variable Tech Pte Ltd amassed 80,000 bitcoins, equivalent to Rs 6,606 crore (as per  2017 rate), from investors nationwide, diverting the funds through nine foreign firms to purchase overseas properties, ultimately leaving investors without promised returns. ED Heat on Raj Kundra: Enforcement Directorate Attaches Properties Worth Rs 97.79 Crore Belonging to Shilpa Shetty’s Husband.

What Is Bitcoin Scam?

According to Hindustan Times, Ajay Bhardwaj and Mahendra Bhardwaj, the two primary suspects, deceived investors with promises of instant and substantial returns through Bitcoin mining. Initially, they used new investments to pay returns to early investors, but when recruitment slowed, payments ceased. The remaining funds were used to purchase bitcoins, concealed in obscure online wallets. The investigation by the Enforcement Directorate was triggered by the filing of multiple FIRs by the Maharashtra and Delhi Police. Money Laundering Case: ED Attaches Flats in Mumbai and Pune, Shares Worth Rs 98 Crore of Actor Shilpa Shetty and Her Husband Raj Kundra.

Raj Kundra Names Property After Wife Shilpa Shetty

Current Scenario

“As the deal had not materialised, Kundra is still in possession and enjoyment of the 285 bitcoins, which are presently valued at more than Rs 150 crores,” an ED official informed IANS. Raj Kundra and Shilpa Shetty have denied any involvement in the case and believe they will be cleared after the investigation. "On the face of it, there is no prima facie case made out against my clients Mr Raj Kundra and Mrs Shilpa Shetty Kundra. We have complete faith in the Honourable Judiciary," the couple's lawyer Prashant Patil said.

(The above story first appeared on LatestLY on Apr 18, 2024 04:17 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).