The Enforcement Directorate (ED) has seized assets worth Rs 97.79 crore belonging to businessman Raj Kundra in connection with a bitcoin ponzi scheme. Among the confiscated properties are a flat in Mumbai registered under the name of his wife, actor Shilpa Shetty, as well as a bungalow in Pune and equity shares in Kundra’s name.

The investigation was prompted by multiple FIRs filed by Maharashtra Police and Delhi Police against Variable Tech Private Limited and several individuals, including late Amit Bhardwaj and others. Allegations suggest the accused amassed bitcoins worth Rs 6,600 crore in 2017, promising investors a monthly return of 10%.

Raj Kundra reportedly received 285 bitcoins from Amit Bhardwaj, the mastermind behind the GainBitcoin ponzi scam, to establish a bitcoin mining farm in Ukraine. However, the venture failed, leaving Kundra in possession of the bitcoins, currently valued at over Rs 150 crore.

Previous search operations led to the arrest of three individuals, while main accused Ajay Bhardwaj and Mahendra Bhardwaj remain at large. The ED had previously attached assets worth Rs 69 crore in connection with the case.

Legal proceedings commenced with a complaint filed on June 11, 2019, followed by a supplementary complaint on February 14, 2024. A special PMLA court has acknowledged these complaints, advancing the legal proceedings.

By : Kruthiga V S

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