Raj Kundra and Shilpa Shetty are in trouble as the ED seizes their almost Rs 100 crore Maharashtra property.
Raj Kundra and Shilpa Shetty
The ED has attached properties owned by Raj Kundra and Shilpa Shetty in Maharashtra, which are valued at about Rs 100 crore, in relation to a PMLA case involving Bitcoin-related fraud.
In accordance with the PMLA, 2002, industrialist Ripu Sudan Kundra, also known as Raj Kundra, has immovable and moveable properties valued at Rs 97.79 crore that the Enforcement Directorate in Mumbai has temporarily attached. The properties that are attached are a residential property in Pune, equity interests in Raj Kundra, and his apartment in Juhu, which is registered in the name of his wife, the actor Shilpa Shetty. The family is currently living on the Juhu property.
The action taken by the ED is a component of its investigation into the First Information Reports (FIRs) that the Delhi Police and the Maharashtra Police filed against M/s Variable Tech Pte Ltd, Late Amit, Ajay, Vivek, Simpy, and Mahender Bhardwaj, as well as several multi-level marketing agents.
The FIRs state that the accused amassed enormous wealth in 2017 in the form of Bitcoins, totaling Rs 6,600 crore. The funds were obtained by deceiving investors into believing they would receive 10% monthly returns in the form of Bitcoins. These Bitcoins were allegedly intended for use in Bitcoin mining, with investors anticipating high returns on their cryptocurrency investments. But the promoters are accused of misleading the investors and concealing the Bitcoins in anonymous internet wallets.
According to the ED, Raj Kundra received 285 Bitcoins for establishing a Bitcoin mining farm in Ukraine from Amit Bhardwaj, the architect and marketer of the “Gain Bitcoin Ponzi Scam.” These Bitcoins were acquired by Amit Bhardwaj from the credulous investors and are currently in Kundra’s hands. Their estimated worth exceeds Rs 150 crore.
Prior to this development, the case involved several search operations that resulted in the December arrest of three suspects: Simpy Bhardwaj, Nitin Gaur, and Nikhil Mahajan. Right now, all three are being held by the courts. However, Mahendra and Ajay Bhardwaj, the key suspects, are still at large.
In relation to the case, the ED has already attached properties valued at Rs 69 Crore. The Honorable Special PMLA court has acknowledged the filing of the Prosecution Complaint on June 11, 2019, and the Supplementary Prosecution Complaint on February 14, 2024.
The investigation is ongoing as authorities work diligently to bring all perpetrators of the Gain Bitcoin Ponzi Scam to justice.
