The Enforcement Directorate (ED), Mumbai Zonal Office has provisionally attached immovable and movable properties worth ₹97.79 crore belonging to Ripu Sudan Kundra also known as Raj Kundra under the provisions of Prevention of Money Laundering Act (PMLA), 2002.
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The attached properties include a residential flat situated in Juhu presently in the name of actress Shilpa Shetty, residential bunglow situated in Pune and equity shares in the name of Raj Kundra, Shilpa Shetty’s husband.
The ED initiated investigation on the basis of multiple First Information Reports (FIRs) registered by Maharashtra Police and Delhi Police against M/s Variable Tech Pte Ltd, late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj and number of MLM agents, informed an ED official in a press statement on April 18.
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“Wherein it has been alleged that they had collected huge amounts of funds in the form of bitcoins worth ₹6,600 crore in 2017 from the gullible public with the false promises of 10% per month return in the form of bitcoins. The collected bitcoins were supposed to be utilised for bitcoin mining and investors were supposed to get huge returns in crypto assets. But the promoters cheated the investors and have been concealing the ill gotten bitcoins in obscure online wallets,” an ED official said.
The ED investigation has revealed that Raj Kundra received 285 bitcoins from the master mind and promoter of Gain Bitcoin Ponzi Scam Amit Bhardwaj for setting up bitcoin mining farm in Ukraine. The said bitcoins were sourced out of proceeds of crime collected by Amit Bhardwaj from gullible investors.
“Since the deal didn’t materialise, Mr. Kundra is still in possession of 285 bitcoins which are presently valued at more than ₹ 150 Crore,” the ED official informed.
Earlier, multiple search operations were carried out in this case and 3 persons were arrested: Simpy Bhardwaj on December 17, 2023, Nitin Gaur on December 29, 2023 and Nikhil Mahajan on January 16, 2024. All of them are presently in judicial custody as on date. Whereas, the main accused Ajay Bhardwaj and Mahendra Bhardwaj are still absconding.
Earlier, ED had attached properties worth ₹69 crore. “The Prosecution Complaint in this has been filed on June 11, 2019 and Supplementary Prosecution Complaint on February 14, 2024. The Special PMLA court has taken cognisance of the same. Further investigation is under progress,” the ED official informed.