Investigation Links Raj Kundra to Rs 6,600 Crore Bitcoin Scam: All You Need to Know

The probe agency has seized properties worth Rs 97.79 crore, which includes a Mumbai flat registered in the name of Shilpa Shetty. The case is related to the promotion of an investment scheme called ‘Gain Bitcoin’ by the masterminds in 2017, promising a 10% monthly return in bitcoins.

This resulted in raising Rs 6,600 crore from investors. The accused, Ajay Bhardwaj and Mahendra Bhardwaj, claimed the funds would be used for bitcoin mining with lucrative returns.

They paid profits to initial investors using money from new ones but stopped when they couldn’t attract more investors. The remaining money was used to buy bitcoins, which were then hidden in obscure online wallets.

The Enforcement Directorate initiated the probe after multiple FIRs were filed by Maharashtra and Delhi Police. It was revealed that Raj Kundra received 285 Bitcoins from the mastermind and promoter of the Gain Bitcoin Ponzi Scam, Amit Bhardwaj, for setting up a Bitcoin mining farm in Ukraine.

An ED official mentioned that Raj Kundra is still in possession of the 285 Bitcoins, currently valued at over Rs 150 crore. Raj Kundra and Shilpa Shetty have denied involvement in the case and expressed confidence in being cleared after the probe.

The couple’s lawyer, Prashant Patil, stated, “On the face of it, there is no prima facie case made out against my clients Mr Raj Kundra and Mrs Shilpa Shetty Kundra. We have complete faith in the Honourable Judiciary.”