Enforcement Directorate’s crackdown on Raj Kundra’s alleged involvement in a Bitcoin Ponzi scam leads to the seizure of properties worth ₹97.79 crore, prompting denials from Bollywood couple Raj Kundra and Shilpa Shetty.
The Enforcement Directorate (ED) has made significant strides in the investigation into a Bitcoin Ponzi scam, with properties worth nearly ₹100 crore seized from businessman Raj Kundra. Kundra, husband of Bollywood actor Shilpa Shetty, finds himself entangled in the controversy, denying any association with the illicit activities.The seized properties include a residential flat in Juhu, currently registered under Shilpa Shetty’s name, a residential bungalow in Pune, and equity shares owned by Raj Kundra. Despite the ED’s actions, both Kundra and Shetty maintain their innocence in the case.
The investigation revolves around allegations of a Ponzi scheme, where investors were promised high returns through Bitcoin investments. However, the money collected, amounting to approximately ₹6,600 crore in Bitcoins in 2017, was not invested as promised. Instead, the perpetrators diverted funds from new investors to pay profits to earlier ones, concealing the ill-gotten gains in obscure online wallets.
Raj Kundra’s involvement in the scam allegedly extends to receiving 285 Bitcoins from Amit Bhardwaj, the mastermind behind the ‘Gain Bitcoin’ Ponzi scheme. These Bitcoins were intended for establishing a Bitcoin mining farm in Ukraine, but the deal fell through, leaving Kundra in possession of the digital assets. Despite facing legal scrutiny, Raj Kundra and Shilpa Shetty maintain their innocence, with their lawyer emphasizing the lack of a prima facie case against them. The investigation continues, shedding light on the complexities of financial fraud in the digital age.
The seizure of Raj Kundra’s properties in connection with the Bitcoin Ponzi scam underscores the far-reaching implications of financial crimes in India. As the investigation progresses, questions surrounding accountability and transparency in the digital realm come to the forefront.
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