Churnings Seized: made out of Bitcoin Ponzi scheme by Raj Kundra!

The Enforcement Directorate (ED) has confiscated assets totaling ₹ 97.79 crore linked to Raj Kundra in connection with an investigation into a Bitcoin Ponzi scheme. Raj Kundra, the spouse of Bollywood star Shilpa Shetty, is implicated in the case. Among the seized properties are a residential flat in Juhu, currently under Shilpa Shetty’s name, a residential bungalow in Pune, and equity shares owned by Raj Kundra. Both Raj Kundra and Shilpa Shetty have denied any involvement in the matter. Presenting our case before the Honorable Enforcement Directorate will lead to a fair outcome. We trust in a thorough investigation,” stated their lawyer, Prashant Patil.

A Ponzi scheme involves fraudulent promises of significant profits with minimal risk to investors. However, instead of investing the money, the perpetrator focuses on attracting more investors and pays returns to initial investors using funds from subsequent ones. The ED initiated an investigation following multiple complaints filed by Maharashtra and Delhi Police against Variable Tech Private Limited, along with late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj, and others. The investigation alleges that the accused amassed approximately ₹ 6,600 Crore in Bitcoins in 2017 by deceiving investors with promises of 10% monthly returns through Bitcoin investments. The promoters allegedly concealed the ill-gotten Bitcoins in obscure online wallets.

During the probe, it was discovered that Raj Kundra received 285 Bitcoins from Amit Bhardwaj, the mastermind behind the ‘Gain Bitcoin’ Ponzi scheme. Raj Kundra was previously arrested in 2021 in connection with the production and distribution of pornographic films through a subscriber-driven mobile app called ‘Hotshots.’ He was granted bail in that case by the Supreme Court.

[Image Source: Mashable India]