The Enforcement Directorate (ED) has seized assets valued at ₹ 97.79 crore from Raj Kundra as part of an investigation into a Bitcoin Ponzi scheme. Among the properties confiscated are a residential property in Pune, an equity share owned by Kundra, and a residential unit in Juhu registered under Shilpa Shetty’s name. Both Kundra and Shetty have denied any involvement in the scheme.
In response, Kundra’s lawyer stated, “There is no clear case against my clients Mr. Raj Kundra and Mrs. Shilpa Shetty Kundra. We trust that upon presenting our case to the Enforcement Directorate, justice will be served. We have confidence in a fair investigation.”
A Ponzi scheme involves fraudulent promises of high returns with low risk, funded by new investors rather than actual investments. Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj, and Variable Tech Private Limited are among those accused in the scheme, which allegedly collected over ₹ 6,600 Crore in Bitcoins in 2017 by misleading investors with promises of 10% monthly profits on Bitcoin investments. The ED alleges that the promoters deceived investors and concealed the fraudulently obtained Bitcoins in anonymous virtual wallets.
During the investigation, it was discovered that Raj Kundra had received 285 Bitcoins from Amit Bhardwaj, intended for starting a Bitcoin mining farm in Ukraine. Kundra still possesses these Bitcoins, now valued at over ₹ 150 crore, after the mining farm plan fell through.
Additionally, Raj Kundra was involved in a case related to the production and distribution of pornographic content through the mobile app “Hotshots,” resulting in his imprisonment in 2021. He was later granted bail by the Supreme Court.
