Raj Kundra’s Involvement in ₹6,600 Crore Bitcoin Ponzi Scam: Check All Details

Raj Kundra’s involvement Bitcoin Ponzi Scheme Fraud Case

Raj Kundra, a well-known businessman and husband to Bollywood actor Shilpa Shetty, finds himself entangled in a massive ₹6,600 crore Bitcoin Ponzi scheme.

On Thursday, the Enforcement Directorate (ED) made headlines by attaching assets worth ₹98 crore, including properties and equity shares, as part of their ongoing money laundering investigation.

The Gain Bitcoin Ponzi Scheme: What Happened?

The Gain Bitcoin Ponzi scheme came to light after multiple FIRs were filed by the Maharashtra and Delhi police.

The scheme, initiated in 2017 by Ajay and Mahender Bhardwaj, promised investors a staggering 10% monthly return in bitcoins.

• The FIRs targeted a company named Variable Tech Pte Ltd, and its promoters, including the Bhardwaj brothers, were named as key culprits.

The Alleged ₹6,600 Crore Fraud

The police complaint reveals that the Bhardwaj group managed to amass ₹6,600 crore from unsuspecting investors in 2017.

• Initial payments to investors were reportedly made using funds from new investors. However, the scheme collapsed when the group failed to attract new investments.
• The remaining funds were converted into Bitcoins, which were concealed in obscure online wallets, depriving investors of their promised returns.

Raj Kundra’s Role in the Scam

According to the ED, Raj Kundra received 285 Bitcoins from Amit Bhardwaj, the mastermind behind the Gain Bitcoin Ponzi scheme.

• These Bitcoins were allegedly used to set up a Bitcoin mining farm in Ukraine.
• The current value of these Bitcoins exceeds ₹150 crore.
• However, it’s important to note that Raj Kundra is not the main accused in this case.

Seizure of Assets

In a significant move, the ED has attached several properties linked to Raj Kundra and Shilpa Shetty.

• These include a residential flat in Mumbai’s Juhu area registered under Shilpa Shetty’s name and a bungalow in Pune registered under Raj Kundra’s name.
• Additionally, equity shares owned by Raj Kundra were also seized.
• The total value of these assets stands at ₹97.79 crore.

Previous Legal Troubles

This isn’t Raj Kundra’s first brush with the law.

• In July 2021, he was arrested by the Mumbai Police following complaints from four women who alleged that they were coerced into shooting pornographic content under the false pretense of being offered acting roles in a web series.
• Raj Kundra was subsequently released from Arthur Road jail in September 2021.

Conclusion

As the investigation into the ₹6,600 crore Bitcoin Ponzi scheme unfolds, Raj Kundra’s involvement has once again put him under the spotlight.

• With assets worth nearly ₹98 crore seized and ongoing legal proceedings, the case continues to unravel, raising questions about the extent of his involvement and the broader implications for investors caught in the web of this massive financial fraud.