Raj Kundra and Rs 6,600 crore Bitcoin Scam | All you need to know
New Delhi, April 18: Businessman Raj Kundra, who is husband of actress Shilpa Shetty, is being investigated by the Enforcement Directorate (ED) in connection with a money laundering case related to a Ponzi scheme. The ED has seized properties worth Rs 97.79 crore, including a Mumbai apartment registered under Shilpa Shetty's name. Although Raj Kundra is not the main suspect in the case, he is under scrutiny due to his involvement with the scheme.
The case centres around an investment scheme called 'Gain Bitcoin,' launched in 2017 by masterminds Ajay Bhardwaj and Mahendra Bhardwaj. They lured investors with promises of a 10% monthly return in the form of bitcoins, raising Rs 6,600 crore in a short period. Initially, the scheme paid profits to early investors using funds from newer ones, but it collapsed when new investment dried up. The culprits bought bitcoins with the remaining funds and concealed them in obscure online wallets.
The investigation by the ED began after several FIRs were filed by the Maharashtra and Delhi Police. During the probe, it was revealed that Raj Kundra received 285 bitcoins from Amit Bhardwaj, the mastermind and promoter of the Gain Bitcoin Ponzi scam, for the purpose of setting up a Bitcoin mining farm in Ukraine. The deal did not proceed as planned, but Raj Kundra still possesses the 285 bitcoins, which are now valued at over Rs 150 crore.
Raj Kundra and Shilpa Shetty deny any involvement in the case and express confidence that they will be exonerated following the investigation. Their lawyer, Prashant Patil, said there was no prima facie case against his clients and that they had full trust in the judicial system.
- With inputs from agencies
