The Enforcement Directorate (ED) has seized properties belonging to businessman Raj Kundra, totaling a staggering ₹97.79 crore. Among the seized assets are a residential flat situated in Mumbai's upscale Juhu area, registered under the name of his wife and Bollywood actress, Shilpa Shetty.
Additionally, the ED has attached a residential bungalow located in Pune, along with equity shares held by Raj Kundra. These actions have been taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, by the Mumbai zonal office of the ED.
The investigation by the ED was initiated following multiple FIRs registered by both the Maharashtra Police and the Delhi Police. Allegations suggest that Kundra, in collaboration with others, amassed significant funds, primarily in the form of bitcoins, amounting to ₹6,600 crore in 2017. These funds were purportedly solicited from unsuspecting investors under false pretenses, promising returns of 10% per month in bitcoins.
“The collected bitcoins were supposed to be utilized for bitcoin mining and investors were supposed to get huge returns in Crypto assets. But the promoters cheated the investors and have been concealing the ill-gotten bitcoins in obscure online wallets,” the probe agency said.
Further investigation uncovered that Raj Kundra received 285 bitcoins from Amit Bhardwaj, the mastermind behind the Gain Bitcoin Ponzi Scam, intended for establishing a bitcoin mining farm in Ukraine.
“The said bitcoins were sourced out of proceeds of crime collected by Amit Bhardwaj from gullible investors. Since the deal didn’t materialize, Kundra is still in possession and enjoyment of 285 bitcoins which are presently valued at more than Rs 150 crore,” the ED said in its statement.
