Raj Kundra’s Properties Worth Almost Rs 100 Crore Seized in Bitcoin Scam

Raj Kundra, the husband of Bollywood actor Shilpa Shetty, is under investigation in connection with a bitcoin Ponzi scheme. The investigation involves several properties, including a residential flat in Juhu registered in Shilpa Shetty’s name, a residential bungalow in Pune, and equity shares owned by Raj Kundra. A Ponzi scheme is a fraudulent investment scheme in which investors are promised high returns with minimal risk, but their money is not actually invested. Instead, the scheme relies on new investors’ funds to pay returns to earlier investors.

The Enforcement Directorate (ED) initiated the probe based on complaints filed by the Maharashtra and Delhi Police against Variable Tech Private Limited, late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj, and others. The investigation alleges that the accused collected approximately Rs 6,600 Crore in Bitcoins in 2017 by deceiving investors with promises of 10% monthly returns through Bitcoin investments. The ED has alleged that the promoters concealed ill-gotten Bitcoins in obscure online wallets and that Raj Kundra received 285 Bitcoins from Amit Bhardwaj, the mastermind behind the ‘Gain Bitcoin’ Ponzi scheme. These Bitcoins were intended for establishing a Bitcoin mining farm in Ukraine, but the deal did not materialize, leaving Kundra in possession of Bitcoins valued at more than Rs 150 Crore.

In addition to the money laundering case, Raj Kundra was arrested in 2021 in a case involving the production and distribution of pornographic films using a subscriber-driven mobile app called ‘Hotshots.’ He was granted bail in that case by the Supreme Court.