In a significant development, the Enforcement Directorate (ED), Mumbai Zonal Office, has taken action by provisionally attaching immovable and movable properties worth ₹97.79 crore associated with Ripu Sudan Kundra, popularly known as Raj Kundra, under the provisions of the Prevention of Money Laundering Act, 2002.
The properties seized include a residential flat in Juhu, currently registered in the name of actress Shilpa Shetty, a bungalow in Pune, and equity shares belonging to her husband, Raj Kundra.
The ED’s investigation stems from multiple FIRs filed against M/s Variable Tech Pte Ltd, Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj, and several MLM agents.
According to ED officials, the FIRs allege that these entities amassed substantial funds, amounting to ₹6,600 crore in 2017, through the fraudulent solicitation of bitcoins from unsuspecting members of the public. They purportedly promised investors a monthly return of 10% in bitcoins, with the collected funds intended for bitcoin mining operations, guaranteeing significant returns in crypto assets. However, the promoters allegedly deceived investors and concealed the funds in obscure online wallets.
The ED’s investigation has uncovered that Mr. Kundra received 285 bitcoins from Amit Bhardwaj, the mastermind and promoter of the Gain Bitcoin ponzi scam, to establish a bitcoin mining farm in Ukraine. These bitcoins were allegedly derived from the proceeds of crime collected by Mr. Bhardwaj from deceived investors.
“Despite the failure of the proposed venture, Mr. Kundra retains possession of 285 bitcoins, currently valued at more than ₹150 crore,” the ED revealed.
This latest development underscores the ongoing crackdown on cryptocurrency-related scams and illicit activities. The ED’s actions aim to address the financial irregularities and fraudulent schemes that have plagued the crypto market, safeguarding investors’ interests and upholding the integrity of the financial system. As investigations continue, authorities remain vigilant in combating financial crimes and holding perpetrators accountable for their actions.
