Raj Kundra accused of money laundering in Rs 150 crore Bitcoin scam; ED files chargesheet
According to ED, Raj Kundra illegally possesses 285 Bitcoins worth around Rs 150.47 crore, contradicting his claim that he was only a 'mediator' in transactions
PTC Web Desk: Businessman Raj Kundra is facing fresh legal trouble after the Enforcement Directorate (ED) filed a chargesheet against him in connection with a multi-crore Bitcoin scam. According to the ED, Raj Kundra illegally possessed 285 Bitcoins worth around Rs 150.47 crore, contradicting his claim that he was only a "mediator" in the transactions.
The chargesheet, filed before a special Prevention of Money Laundering Act (PMLA) court, states that Kundra received the Bitcoins from late Amit Bhardwaj, alleged mastermind of the Gain Bitcoin Ponzi scheme. The ED said the amount was initially meant for setting up a Bitcoin mining farm in Ukraine, but the deal collapsed, and Kundra continued to hold the digital assets.
Investigators allege that Raj Kundra deliberately concealed crucial evidence, including wallet addresses, and never surrendered the Bitcoins. The agency also claimed he engaged in a suspicious financial transaction with his wife, actor Shilpa Shetty, at "far below market rate" to disguise the illicit origin of the funds.
The ED further highlighted that despite multiple chances since 2018, Raj Kundra failed to provide wallet details, citing damage to his iPhone X as an excuse. The agency described this as a deliberate attempt to destroy evidence.
The chargesheet also noted that Raj Kundra remembered the exact number of Bitcoins received in five separate tranches more than seven years ago, reinforcing the claim that he was the “beneficial owner” and not merely an intermediary. An agreement titled "Term Sheet," signed with Mahender Bhardwaj, was cited as evidence of Kundra’s direct involvement.
The money-laundering probe began after FIRs filed by Maharashtra and Delhi Police against Variable Tech Private Limited and members of the Bhardwaj family. The scam involved investors being promised high returns from Bitcoin mining, but the promoters allegedly concealed the digital assets in hidden wallets.
Besides Kundra, businessman Rajesh Satija has also been named in the chargesheet.
Meanwhile, Raj Kundra and Shilpa Shetty are also under investigation in a separate case involving Best Deal TV Pvt
Ltd, a defunct home shopping and retail platform. The couple, who were directors of the company, are accused of duping a businessman of Rs 60.4 crore in a loan-cum-investment deal.