The Enforcement Directorate (ED) declared on Thursday that it has provisionally attached Raj Kundra’s immovable and movable assets, collectively valued at ₹97.79 crore, under the Prevention of Money Laundering Act (PMLA). These assets were linked to the Bitcoin investment fraud case.
ED Seizes Raj Kundra’s Assets, including a residential flat in Mumbai’s prestigious Juhu area currently registered under Shilpa Shetty’s name. Additionally, a residential bungalow located in Pune and equity shares owned by Kundra are included in the attachment.
ED Seizes Raj Kundra’s Assets in Bitcoin Investment Fraud Case
The Enforcement Directorate (ED) initiated an investigation based on multiple First Information Reports (FIRs) filed by the Maharashtra and Delhi Police against Variable Tech Pte Ltd and various MLM agents. The ED stated,
“It has been alleged that they had collected huge amounts of funds in the form of Bitcoins (worth ₹6,600 Crore in 2017 itself) from the gullible public with the false promises of 10% per month return in the form of Bitcoins.”
ED, Mumbai has provisionally attached immovable and movable properties worth Rs. 97.79 Crore belonging to Ripu Sudan Kundra aka Raj Kundra under the provisions of PMLA, 2002. The attached properties include Residential flat situated in Juhu presently in the name of Smt. Shilpa…
— ED (@dir_ed) April 18, 2024
During the investigation, it was discovered that Raj Kundra received 285 Bitcoins from the mastermind and promoter of Gain Bitcoin ponzi scam, Amit Bhardwaj, for setting up a Bitcoin mining farm in Ukraine. These Bitcoins were sourced from proceeds of crime collected by Amit Bhardwaj from gullible investors. As the deal did not materialize, Kundra still possesses and enjoys the 285 Bitcoins, currently valued at more than Rs. 150 Crore.
Bitcoin Investment Fraud Investigation
The Enforcement Directorate (ED) conducted multiple search operations and arrested three individuals—Simpy Bhardwaj, Nitin Gaur, and Nikhil Mahajan. However, the main accused, Ajay Bhardwaj and Mahendra Bhardwaj remain at large. The ED alleged that the promoters of the Gain Bitcoin Ponzi scheme cheated investors and hid the ill-gotten Bitcoins in obscure online wallets.
This marks the second instance of property attachment in the case, with assets worth ₹69 crore previously seized by the ED. Additionally, the ED has filed prosecution complaints against the arrested accused. Raj Kundra, who faced legal issues in 2021 related to a pornography case, spent two months in Mumbai’s Arthur Road jail before being granted bail in September 2021 by a metropolitan magistrate’s court in Mumbai.
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