In a major development, the Enforcement Directorate (ED) has attached assets worth ₹97.79 crore belonging to businessman Raj Kundra, husband of Bollywood actress Shilpa Shetty. This action is part of a money laundering investigation linked to a massive ₹6,600 crore Bitcoin Ponzi scheme allegedly perpetrated by a Singapore-based firm called Variable Tech Private Limited.
Raj Kundra Suspected of Benefiting from Scam Proceeds
ED sources allege that Raj Kundra is suspected to be a beneficiary of the proceeds of crime in this case. The attached properties include a residential flat in Juhu, currently registered in Shilpa Shetty‘s name, a bungalow in Pune, and equity shares held by Raj Kundra himself.
How Did the Scam Work?
According to the ED, Variable Tech lured investors across India with promises of high returns on Bitcoin investments. They allegedly collected a staggering 80,000 bitcoins and then diverted funds worth ₹6,606 crore through nine different companies to purchase properties abroad.
Promises of Bitcoin Mining, Reality of Deception
The ED claims that the collected Bitcoins were supposed to be used for Bitcoin mining, with investors promised significant returns in cryptocurrency. However, the agency alleges that the promoters cheated investors and hid the illegally obtained Bitcoins in obscure online wallets.
Kundra’s Alleged Role
The ED further alleges that Raj Kundra received 285 Bitcoins from the alleged mastermind of the scam, Amit Bhardwaj, for the purpose of setting up a Bitcoin mining farm in Ukraine. However, the deal never materialized, and Kundra is still said to be in possession of these 285 Bitcoins, currently valued at over ₹150 crore.
Investigation Continues
The main accused in the case, Ajay Bhardwaj and Mahendra Bhardwaj, remain absconding. The ED initiated the investigation into this Ponzi scheme back in 2018 based on multiple cases filed by Maharashtra and Delhi police against Variable Tech and its associates. In January 2024, the ED arrested Delhi-based businessman Nikhil Mahajan, who is accused of promoting the scam by conducting seminars in Dubai and allegedly receiving 40 bitcoins in return.
