ED seizes assets worth Rs 98 crore linked to Raj Kundra's alleged money laundering. Investigations reveal his involvement in Gain Bitcoin Ponzi scheme. Multiple FIRs filed against Variable Tech Pte Ltd
The Enforcement Directorate (ED) has taken a significant stride in its ongoing investigation into businessman Raj Kundra's alleged involvement in a money laundering case. The ED seized assets valued at nearly Rs 98 crore, including a residential flat in Juhu registered under his wife Shilpa Shetty's name, a residential bungalow in Pune, and equity shares owned by Kundra.
This move comes subsequent to multiple FIRs filed by the Maharashtra Police and Delhi Police against M/s Variable Tech Pte Ltd, late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj, and several MLM agents.
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These FIRs allege the illicit collection of significant funds, primarily in Bitcoins, amounting to approximately Rs 6,600 crore in 2017. The funds were purportedly obtained from unsuspecting investors with the promise of a 10 percent monthly return in Bitcoins.
During the investigation, it was uncovered that Raj Kundra had received 285 Bitcoins from Amit Bhardwaj, the purported mastermind behind the Gain Bitcoin Ponzi scheme. These Bitcoins, obtained through fraudulent means from deceived investors, were intended for the establishment of a Bitcoin mining farm in Ukraine. However, the proposed venture did not materialize, leaving Kundra in possession of the Bitcoins, currently valued at over Rs 150 crore.
Numerous search operations were conducted previously in connection with this case, resulting in the arrest of three individuals, including Simpy Bhardwaj, Nitin Gaur, and Nikhil Mahajan. However, the principal accused, Ajay Bhardwaj, and Mahendra Bhardwaj, remain at large.
Earlier, the ED had attached properties worth Rs 69 crore. Subsequently, a prosecution complaint was filed on June 11, 2019, followed by a supplementary prosecution complaint on February 14, 2024. These complaints have been acknowledged by the Special PMLA court, marking a significant advancement in the legal proceedings.
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