The Enforcement Directorate (ED) on Thursday seized assets worth a whopping Rs 98 crore, which includes a luxurious bungalow in Pune and equity shares, all belonging to the renowned actor Shilpa Shetty and her entrepreneur husband Raj Kundra. The case revolves around the misuse of investor funds through the digital currency, Bitcoin. The seized properties comprise a plush residential flat in the upscale Juhu area of Mumbai, currently registered under Shetty’s name, and a residential bungalow in Pune along with equity shares, all in Kundra’s name.
The ED has issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA), effectively freezing these properties valued at Rs 97.79 crore.
The roots of this money laundering case trace back to FIRs lodged by the Maharashtra Police and Delhi Police against a company named Variable Tech Pte Ltd and several individuals including Late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj, and numerous agents. It was alleged that they had amassed a staggering amount of funds in the form of Bitcoins (valued at Rs 6,600 crore in 2017) from unsuspecting public, luring them with false promises of a 10% monthly return in the form of Bitcoins.
The promoters are accused of duping the investors and concealing the ill-gotten Bitcoins in obscure online wallets. The ED has alleged that Kundra received 285 Bitcoins from Amit Bhardwaj, the mastermind and promoter of the Gain Bitcoin Ponzi scam, for setting up a Bitcoin mining farm in Ukraine.
Interestingly, Kundra is still in possession of these 285 Bitcoins, which are currently valued at over Rs 150 crore, as per the ED’s statement.