The Enforcement Directorate (ED) has seized immovable and movable assets valued at Rs 97.79 crore belonging to Ripu Sudan Kundra, also known as Raj Kundra, a businessman and spouse of Bollywood actress Shilpa Shetty, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The attached properties comprise a residential apartment in Juhu registered in Shilpa Shetty's name, another residential estate in Pune, and equity shares owned by Raj Kundra.
The financial investigation agency launched an inquiry based on multiple FIRs filed by the Maharashtra Police and Delhi Police against Variable Tech Pte Ltd, as well as individuals including Late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj, and several MLM agents.
Allegations suggest that they amassed substantial funds in Bitcoin form, amounting to Rs 6,600 crore in 2017 alone, from the public, promising a monthly return of 10% in Bitcoins.
These Bitcoins were purportedly intended for Bitcoin mining, with investors expecting significant returns in crypto assets.
"However, the promoters deceived investors and concealed the acquired Bitcoins in obscure online wallets. The investigation further unveiled that Raj Kundra received 285 Bitcoins from Amit Bhardwaj, the mastermind behind the Gain Bitcoin Ponzi Scam, to establish a Bitcoin mining farm in Ukraine," the ED stated in a released statement.
The said Bitcoins were sourced from proceeds of crime collected by Amit Bhardwaj from unsuspecting investors.
"Due to the deal not materializing, Kundra still possesses and benefits from 285 Bitcoins, presently valued at over Rs. 150 Crore," an ED official remarked.
Throughout the investigation, numerous search operations were conducted, leading to the arrest of three individuals.
"Simpy Bhardwaj was apprehended on December 17, 2023, Nitin Gaur on December 29, 2023, and Nikhil Mahajan on January 16, 2023. They are currently in judicial custody," the official stated.
However, the primary suspects, Ajay Bhardwaj and Mahendra Bhardwaj, remain at large.
Previously, the ED had seized properties valued at Rs 69 crore. The Prosecution Complaint was filed on June 11, 2019, followed by a Supplementary Prosecution Complaint on February 14, 2024.
"The Special PMLA court has taken cognizance of the matter. Further investigation is ongoing," the official concluded.
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