ED seizes Raj Kundra's properties worth nearly Rs 100 crore in Bitcoin fraud case; look at assets attached
Synopsis
The action followed by multiple FIRs registered by 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.
The Enforcement Directorate (ED) on Thursday (April 18) took a significant step in the ongoing investigation of businessman Raj Kundra's alleged involvement in a money laundering case. The ED seized properties valued at nearly Rs 98 crore, which include a residential flat in Juhu registered under the name of his wife, Shilpa Shetty, a residential bungalow in Pune, and equity shares owned by Raj Kundra.
The action followed by multiple FIRs registered by 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 alleged the collection of massive funds, primarily in Bitcoins, worth approximately Rs 6,600 crore in 2017, from unsuspecting investors with the promise of a 10 percent monthly return in the form of Bitcoins.
The investigation revealed that Raj Kundra had received 285 Bitcoins from Amit Bhardwaj, the mastermind behind the Gain Bitcoin Ponzi scam, intended for setting up a Bitcoin mining farm in Ukraine. These Bitcoins were acquired through illegal means from defrauded investors. However, the proposed deal did not materialize, leaving Kundra in possession of the Bitcoins, currently valued at over Rs 150 crore.
Several search operations were conducted earlier in connection with this case, leading to the arrest of three individuals, including Simpy Bhardwaj, Nitin Gaur, and Nikhil Mahajan. However, the main accused, Ajay Bhardwaj, and Mahendra Bhardwaj remain absconding.
Earlier, ED had attached properties worth Rs 69 crore. The prosecution complaint was filed on June 11, 2019, followed by a supplementary prosecution complaint on February 14, 2024. The Special PMLA court has acknowledged these complaints, marking a significant development in the legal proceedings.
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