ED Provisionally Attaches Raj Kundra’s Assets Worth Rs.97.79 Crore in Bitcoin Ponzi Scam
ED Provisionally Attaches Raj Kundra's Assets Worth Rs.97.79 Crore in Bitcoin Ponzi Scam (Representational pic)
The Enforcement Directorate (ED) has taken action against businessman Raj Kundra in connection with the alleged ₹6,600 crore Bitcoin-based ponzi scam involving Variable Tech Private Limited, a Singapore-based firm.
Kundra, husband of Bollywood actor Shilpa Shetty, is suspected of benefiting from the proceeds of the crime.
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
As part of its money-laundering probe, the ED has provisionally attached assets worth ₹97.79 crore belonging to Kundra. These assets include a residential flat in Juhu, currently registered under Shilpa Shetty’s name, a residential bungalow in Pune, and equity shares in Kundra’s name.
According to the ED, Variable Tech collected 80,000 bitcoins from investors across the country, promising high returns. However, the funds amounting to ₹6,606 crore were diverted through nine firms for purchasing properties abroad.
Raj Kundra allegedly received 285 Bitcoins from Amit Bhardwaj, the mastermind and promoter of the scam, for setting up a Bitcoin mining farm in Ukraine. As the deal did not materialize, Kundra still possesses and enjoys the 285 Bitcoins, valued at over ₹150 crore at present.
The main accused, Ajay Bhardwaj and Mahendra Bhardwaj, remain absconding. The ED initiated its investigation into the ponzi scheme in 2018, following multiple cases registered by the Maharashtra and Delhi police against Variable Tech and other agents.
In January, the agency arrested businessman Nikhil Mahajan for his alleged involvement in promoting the scam. Mahajan reportedly conducted seminars in Dubai to attract investors and received 40 bitcoins in return.
It’s worth noting that Bitcoins are not legal tender, and their value fluctuates. At present rates, a single bitcoin can cost around ₹51 lakh.
