ED Seizes Raj Kundra’s Assets Worth ₹97.79 Crore Including Pune Bungalow and Juhu Flat
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The Enforcement Directorate (ED) has attached assets worth ₹97.79 crore belonging to businessman Raj Kundra. The action under the Prevention of Money Laundering Act (PMLA) includes high-value properties and an involvement in a Bitcoin mining scam that spans across continents.
Key Seizures and International Crypto Controversy
The attached assets include:
- A luxury residential flat in Juhu, registered under the name of actress Shilpa Shetty, Kundra’s wife.
- A sprawling residential bungalow located in Pune.
- Various equity shares held directly by Raj Kundra.
These actions were taken following investigations stemming from multiple First Information Reports (FIRs) lodged by the Maharashtra Police and Delhi Police. The investigations targeted Variable Tech Pte Ltd along with numerous multi-level marketing (MLM) agents associated with the firm.
Bitcoin Scam Link Unveiled
The ED’s probe revealed a complex scheme involving substantial amounts of Bitcoin. “It has been alleged that they had collected huge funds in the form of Bitcoins, worth approximately ₹6,600 crore in 2017, from the public under the guise of delivering a 10% monthly return in Bitcoins,” stated the ED.
Further investigations indicated a direct connection between Kundra and Amit Bhardwaj, the mastermind behind the Gain Bitcoin Ponzi scam. Raj Kundra reportedly received 285 Bitcoins from Bhardwaj for establishing a Bitcoin mining farm in Ukraine. “These Bitcoins were sourced from the proceeds of the crime collected by Amit Bhardwaj from unsuspecting investors,” the ED highlighted in their press release.
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
Despite the project falling through, Kundra reportedly retains possession of these Bitcoins, now valued at over ₹150 crore.
Ongoing Investigations and Arrests
The ED’s operations have not only led to significant asset seizures but also to multiple arrests. Three individuals—Simpy Bhardwaj, Nitin Gaur, and Nikhil Mahajan—have been taken into custody linked to this case. The main accused, Ajay Bhardwaj and Mahendra Bhardwaj, remain at large.
According to the ED, the promoters of the Gain Bitcoin scheme deceived investors and concealed their illicit gains in hard-to-trace online wallets.
This case highlights ongoing efforts by Indian authorities to clamp down on financial fraud and cryptocurrency-related crimes, signaling a stringent approach towards financial regulation and law enforcement in the digital age.
