The Enforcement Directorate (ED) made a significant move on Thursday, seizing assets worth Rs 98 crore linked to well-known actor Shilpa Shetty and her husband, entrepreneur Raj Kundra. This seizure includes a lavish bungalow in Pune and equity shares. The case centers on alleged misuse of investor funds through the digital currency, Bitcoin. Under the Prevention of Money Laundering Act (PMLA), the ED issued a provisional attachment order, freezing properties valued at Rs 97.79 crore.
The genesis of this money laundering case lies in FIRs filed by the Maharashtra Police and Delhi Police against Variable Tech Pte Ltd and several individuals, including Late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj, and numerous agents. Allegations suggest they amassed funds, valued at Rs 6,600 crore in 2017, in the form of Bitcoins from unsuspecting individuals. These individuals were guaranteed a 10% monthly return in Bitcoins.
The accused are alleged to have deceived investors and concealed ill-gotten Bitcoins in obscure online wallets. According to the ED, Kundra received 285 Bitcoins from Amit Bhardwaj, the mastermind behind the Gain Bitcoin Ponzi scam, to set up a Bitcoin mining farm in Ukraine.
Of note, Kundra reportedly retains possession of these 285 Bitcoins, which are currently valued at over Rs 150 crore, according to the ED’s statement.