ED attaches Rs 97.79 cr. assets of Raj Kundra in money laundering case

#ED also seizes bitcoins worth ₹150 cr for setting mining farm in Ukraine

JNS: The Enforcement Directorate (ED) on Thursday attached properties belonging to Raj Kundra worth Rs 97.79 crore under the Prevention of Money Laundering Act (PMLA). Among the properties seized are a residential flat in Juhu registered under Shilpa Shetty’s name, a residential house in Pune, and equity shares owned by Raj Kundra.

The investigation by the ED was initiated based on multiple FIRs filed by the Maharashtra and Delhi Police against Variable Tech and various MLM agents.

According to a statement by the Treasury Department, the accused collected large sums of money in the form of Bitcoins (valued at Rs 6600 Crore in 2017) from the public, promising a 10% monthly return in Bitcoins.

The ED probe revealed that Raj Kundra received 285 Bitcoins from Amit Bhardwaj, the mastermind of the Gain Bitcoin Ponzi Scam, to set up a Bitcoin mining farm in Ukraine. However, the deal did not materialize, and Kundra is still in possession of the Bitcoins, currently valued at over Rs. 150 Crore.

Earlier, the ED conducted several search operations and arrested Simpy Bhardwaj, Nitin Gaur, and Nikhil Mahajan. However, the main suspects, Ajay and Mahendra Bhardwaj, remain at large.

The ED alleges that the promoters of the scam defrauded investors and concealed the ill-gotten Bitcoins in obscure online wallets.

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