$11M Seized from Top British-Indian Businessman in Multi-Million Dollar Bitcoin Scam
India’s law enforcement authorities confiscated properties worth $11m owned by businessman Raj Kundra as part of an investigation related to an alleged Bitcoin scam.
Under the stipulations outlined in the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate on Thursday declared its temporary seizure of both real estate and personal assets Kundra owns.
The ED’s measures are part of its inquiry into alleged money laundering endeavors associated with Kundra. He is Bollywood actress Shilpa Shetty’s husband.
In the statement, the authority said it launched an investigation based on numerous First Information Reports (FIRs). These reports targeted M/s Variable Tech Pte Ltd, as well as individuals including Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj, and a collection of marketing agents.
ED, Mumbai has provisionally attached immovable and movable properties worth Rs. 97.79 Crore belonging to Ripu Sudan Kundra aka Raj Kundra under the provisions of PMLA, 2002. The attached properties include Residential flat situated in Juhu presently in the name of Smt. Shilpa…
— ED (@dir_ed) April 18, 2024
According to the investigation, the accused amassed Bitcoin worth about $792m in 2017 by misleading investors with assurances of 10% monthly returns through Bitcoin investments. The promoters allegedly defrauded investors and have since concealed the illicitly obtained Bitcoin in obscure online wallets.
During investigation, the agency discovered Kundra had received 285 Bitcoin from Amit Bhardwaj, the orchestrator of the ‘Gain Bitcoin’ Ponzi scheme. These Bitcoin were intended for the establishment of a mining operation in Ukraine. These coins were reportedly derived from illicit gains
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