The Enforcement Directorate (ED) seized properties valued at ₹97.79 crore belonging to Raj Kundra during an investigation into a Bitcoin Ponzi scheme. Kundra is married to Bollywood actress Shilpa Shetty.
The seized properties include a residential property in Pune, an equity share owned by Raj Kundra, and a residential unit in Juhu registered under Shilpa Shetty’s name.
Both Shilpa Shetty and Raj Kundra have denied any involvement in the case.
Raj Kundra’s lawyer stated, “There is no prima facie case against my clients Mr. Raj Kundra and Mrs. Shilpa Shetty Kundra. We have faith in a fair investigation.”
A Ponzi scheme promises high returns with low risk but doesn’t invest the funds. Instead, it relies on new investors to pay earlier ones.
The ED opened an investigation following allegations against Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj, and Variable Tech Private Limited made by Delhi Police and Maharashtra.
The accused allegedly collected over ₹6,600 crore in Bitcoins in 2017 by promising investors 10% monthly profits on Bitcoin investments. The ED claims they hid the fraudulently obtained Bitcoins in anonymous virtual wallets.
During the inquiry, the ED found that Raj Kundra had received 285 Bitcoins from Amit Bhardwaj, intended for a bitcoin mining farm in Ukraine. Kundra still holds the Bitcoins, now worth over ₹150 crore, after the mining farm plans fell through.
In 2021, Raj Kundra was jailed in a case related to the production and distribution of pornographic videos through the “Hotshots” app. The Supreme Court granted him bail in that case.
