ED seizes properties of Shilpa Shetty, Raj Kundra worth 99.7 Crores in a massive bitcoin scam

Under the provisions of the Prevention of Money Laundering Act (PMLA) 2002, properties worth a staggering Rs 97.79 crore belonging to Kundra have been seized by the agency. Read on to know more.

- By "Team India Forums"
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In a shocking development, the Enforcement Directorate (ED) has taken action against Raj Kundra, the husband of Bollywood actress Shilpa Shetty. Under the provisions of the Prevention of Money Laundering Act (PMLA) 2002, properties worth a staggering Rs 97.79 crore belonging to Kundra have been seized by the agency. This move comes in connection with a massive Bitcoin ponzi scam, which has rocked the financial world with its magnitude.

The investigation stems from multiple FIRs filed by both the Maharashtra Police and Delhi Police against Variable Tech Private Limited and several individuals, including the late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, and Mahender Bhardwaj. These individuals are accused of orchestrating a scheme that duped investors out of nearly Rs 7,000 crore by promising astronomical returns on Bitcoin investments.

According to the allegations, the accused lured investors with the promise of 10 per cent monthly returns on their Bitcoin investments, purportedly for Bitcoin mining activities. However, instead of delivering on their promises, the perpetrators are accused of concealing the ill-gotten Bitcoin in obscure online wallets, cheating unsuspecting investors in the process.

Raj Kundra's involvement in the scam allegedly revolves around his receipt of 285 Bitcoin from Amit Bhardwaj, one of the masterminds behind the scheme. These cryptocurrency assets, valued at Rs 150 crore, were intended for establishing a Bitcoin mining farm in Ukraine. However, due to undisclosed reasons, the deal fell through, leaving Kundra in possession of the Bitcoin, which the ED contends were obtained through proceeds of crime.

While several arrests have been made in connection with the case, including Simpy Bhardwaj, Nitin Gaur, and Nikhil Mahajan, the main accused, Ajay Bhardwaj and Mahendra Bhardwaj, remain at large, evading authorities.

As the investigation unfolds, the Bollywood fraternity and the public await further developments in this high-profile case, which has sent shockwaves through the entertainment industry.