Mumbai: In a significant development, the Enforcement Directorate (ED) has attached assets worth Rs 97.79 crore belonging to businessman Raj Kundra in connection with a money laundering case related to a Bitcoin Ponzi scheme.
Raj Kundra’s lost money also includes an apartment in Juhu, Mumbai, a villa in Pune, and equity shares. ED has claimed that Raj Kundra had received 285 Bitcoins from Amit Bhardwaj to set up a Bitcoin mining farm in Ukraine.
The deal in this business did not go through, but he still has 285 Bitcoins, which is currently worth more than Rs 150 crore. The ED has accused Raj Kundra of money laundering and violating the Foreign Exchange Management Act (FEMA).
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Raj Kundra and his wife Shilpa Shetty have denied any involvement in the case and expressed confidence in being cleared after the probe. The ED launched the probe after multiple FIRs were filed by Maharashtra and Delhi Police against a company called Variable Tech Pte Ltd and various MLM agents.
The investigation revealed that the company made people deposit money in Bitcoin with false promises of 10% monthly returns. There was a total loss of Rs 6600 crore in 2017 due to this fraud. Key accused Ajay and Mahendra Bhardwaj are still absconding.
#RajKundra’s properties worth nearly Rs 98 crore, including his wife #ShilpaShetty‘s Juhu flat, have been seized by the Enforcement Directorate (#ED).
The Mumbai Zonal Office has provisionally attached immovable and movable properties worth Rs. 97.79 crores belonging to Ripu… pic.twitter.com/bB47dICbID
— Ashwani Kumar (@BorntobeAshwani) April 18, 2024
This development comes as a setback for Raj Kundra, who has been involved in various business ventures, including the Indian Premier League (IPL) team Rajasthan Royals. The ED’s action is seen as a crackdown on cryptocurrency-related fraud and money laundering cases in India.
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