Businessman Raj Kundra’s properties worth nearly Rs 100 crore seized

New Delhi:

The Enforcement Directorate (ED) seized properties worth Rs. Raj Kundra’s Rs 9,777.9 crore is being investigated in connection with the Bitcoin Ponzi scheme. Raj Kundra is the husband of Bollywood actor Shilpa Shetty.

The attached properties include a residential flat in Juhu (currently registered in the name of Shilpa Shetty), a residential bungalow in Pune and equity shares owned by Raj Kundra.

Both Raj Kundra and Shilpa Shetty have denied any involvement in the case.

“There is no prima facie case against my clients Mr. Raj Kundra and Mrs. Shilpa Shetty Kundra. I am confident that even the investigating agencies will do justice to us when we make a fair representation before the honorable Enforcement Directorate. We believe Fair investigation,” said their lawyer Prashant Patil.

A Ponzi scheme is a scam that promises investors huge profits with little or no risk. But the money was not invested. Instead, scammers focus on attracting more people and paying profits to initial investors using the funds of recent investors.

The ED initiated an investigation based on multiple complaints filed by Maharashtra and Delhi police against Variable Tech Private Limited, late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj and others.

The investigation alleged that the accused had collected around Rs 6,600 crore in Bitcoin in 2017 by deceiving investors by promising 10% monthly returns through Bitcoin investments. The education ministry said the promoters defrauded investors and hid illegally obtained bitcoins in unknown online wallets.

During the course of the investigation, the investigating agency learned that Raj Kundra received 285 Bitcoins from Amit Bhardwaj, the mastermind of the “Gain Bitcoin” Ponzi scheme. These Bitcoins were intended to be used to establish Bitcoin mining farms in Ukraine. However, the deal never materialized, leaving Mr. Kundra with Bitcoin, currently worth over Rs 150 crore.

Raj Kundra was arrested in 2021 in connection with a case involving the production and distribution of pornographic films using a subscriber-driven mobile app called “Hotshots”. In that case, he was granted bail by the Supreme Court.