The Enforcement Directorate (ED) has taken significant action against Raj Kundra, husband of actress Shilpa Shetty, by seizing properties valued at Rs 97.79 crore in Bitcoin investment fraud case.
Raj Kundra has been linked to a large-scale Bitcoin scam that involved the fraudulent company Variable Tech Pte Ltd and several individuals, including the late Amit Bhardwaj.
The scam, which was first flagged by multiple FIRs lodged by the Maharashtra and Delhi Police, involved promises of high returns on Bitcoin investments, specifically, a 10% monthly return.
However, the scheme turned out to be a Ponzi scheme where the invested Bitcoins were not used as promised for mining but were instead concealed in various online wallets.
The ED’s provisional attachment includes both movable and immovable assets tied to Kundra. The investigation revealed that Kundra received 285 Bitcoins from Amit Bhardwaj, the principal accused in the scam. Unfortunately, the project never took off, and Kundra allegedly still holds these Bitcoins, now valued at over Rs 150 crore.
Raj Kundra previously spent two months in Arthur Road jail in 2021 due to his involvement in a separate pornography case, from which he was later released on bail.
