Raj Kundra and Shilpa Shetty's Assets Seized in Rs 6,600 Crore Bitcoin Ponzi Scam Probe

The Enforcement Directorate (ED) has attached properties worth Rs 97.79 crore belonging to businessman Raj Kundra and his wife, Bollywood actress Shilpa Shetty, in connection with a Rs 6,600 crore Bitcoin Ponzi scam. The attached assets include a residential flat in Juhu, Mumbai registered in Shilpa Shetty's name, a bungalow in Pune, and equity shares owned by Raj Kundra.

The ED's investigation revealed that Kundra allegedly received 285 Bitcoins, currently valued at over Rs 150 crore, from Amit Bhardwaj, the mastermind behind the 'Gain Bitcoin' Ponzi scheme. Bhardwaj and others are accused of collecting approximately Rs 6,600 crore worth of Bitcoins in 2017 by deceiving investors with false promises of 10% monthly returns on Bitcoin investments.

According to the ED, the 285 Bitcoins received by Kundra were sourced from proceeds of crime collected by Bhardwaj. Kundra was allegedly planning to use these Bitcoins to set up a Bitcoin mining farm in Ukraine, but the deal did not materialize. Despite this, Kundra is still in possession of the Bitcoins.

Why this matters: The Bitcoin Ponzi scam and the ED's action against high-profile individuals like Raj Kundra and Shilpa Shetty highlight the growing concern over cryptocurrency-related fraud in India. The case underscores the need for stronger regulations and investor awareness to prevent such large-scale financial crimes.

In response to the ED's action, Raj Kundra shared a cryptic post on Instagram, featuring a photo of a roaring lion with the text: "Learning to stay calm when you feel disrespected is a different type of growth." He later posted another story saying: "There is a time to be a nice person. And there is a time to say enough is enough."

Both Raj Kundra and Shilpa Shetty have denied any involvement in the Bitcoin Ponzi scam case. Their lawyer stated that there is no prima facie case against them and expressed confidence in a fair investigation. The lawyer added that Kundra and Shetty will follow the due process of law and take necessary steps to protect their liberty and property.

The ED had previously attached properties worth Rs 69 crore in this case, and further investigation is ongoing. The main accused, Amit Bhardwaj, passed away in 2022, while his brother Ajay Bhardwaj, also a key player in the scam, remains at large. The ED's action against Raj Kundra and Shilpa Shetty is part of the agency's efforts to unravel the money laundering aspects of the Bitcoin Ponzi scam and bring the perpetrators to justice.

Key Takeaways

• ED attached Rs 97.79 cr worth properties of Raj Kundra, Shilpa Shetty in Bitcoin Ponzi scam
• Kundra received 285 Bitcoins, worth over Rs 150 cr, from scam mastermind Amit Bhardwaj
• Kundra planned to set up Bitcoin mining farm in Ukraine, but deal did not materialize
• Case highlights need for stronger crypto regulations to prevent such financial crimes in India
• Kundra, Shetty deny involvement, say no prima facie case against them; ED investigation ongoing