ED take actions against Raj Kundra; seizes Rs 97.8 crore in property and equity

PMLA action against Kundra: Properties worth Rs 97.79 crore belonging to Raj Kundra, husband of actress and entrepreneur Shilpa Shetty, have been seized by the Enforcement Directorate (ED) under the provisions of the Prevention of Money Laundering Act (PMLA) 2002. Among the seized assets is an appartment in Mumbai's posh Juhu, registered in the actress' name, along with shares and other properties, linked to a Bitcoin ponzi scheme amounting to nearly Rs 7,000 crore.

The ED has also attached a bungalow in Pune and equity shares owned by Raj Kundra. The investigation was initiated following multiple FIRs filed by the Maharashtra Police and Delhi Police against Variable Tech Private Limited and other individuals, including the late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, and Mahender Bhardwaj.

These individuals are accused of accumulating approximately Rs 6,600 crore worth of Bitcoin in 2017, promising investors a monthly return of 10 per cent. The collected Bitcoin were purportedly intended for Bitcoin mining, with investors expecting substantial cryptocurrency returns. However, the promoters are alleged to have defrauded investors and concealed the illicitly obtained Bitcoin in obscure online wallets. 

According to the ED, Raj Kundra received 285 Bitcoin from Amit Bhardwaj, the alleged mastermind behind the ponzi scheme, for the establishment of a Bitcoin mining farm in Ukraine. These cryptocurrency assets, valued at Rs 150 crore, were obtained from proceeds of crime amassed by Bhardwaj from unsuspecting investors. Kundra is reported to still retain possession of these Bitcoin, as the intended deal did not materialise.

Several arrests have been made in connection with the case, including Simpy Bhardwaj on December 17, 2023, Nitin Gaur on December 29, 2023, and Nikhil Mahajan on January 16, 2023. However, the prime suspects, Ajay Bhardwaj and Mahendra Bhardwaj, remain at large.

(With PTI inputs)