In the course of an investigation into a Bitcoin Ponzi scheme, the Enforcement Directorate (ED) took control of properties belonging to Raj Kundra valued at ₹ 97.79 crore. Raj Kundra is married to Bollywood actress Shilpa Shetty.
The properties linked include a residential property in Pune, an equity share owned by Raj Kundra, and a residential unit in Juhu currently registered in Shilpa Shetty's name.
Both Shilpa Shetty and Raj Kundra have denied any involvement in the case.
Raj Kundra's lawyer said in his statement "There is no prima facie case made out against my clients Mr Raj Kundra and Mrs Shilpa Shetty Kundra. I believe when we make our fair representation before the Honourable Enforcement Directorate, even the investigation agencies may grant justice to us. We have faith in the fair investigation."
A Ponzi scheme is a fraud in which investors are made to promise enormous returns with little to no risk. The funds aren't invested, though. Instead, the conman focuses on luring other people while compensating the original investors with money from recent ones.
Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj, and Variable Tech Private Limited were the focus of many allegations made by Delhi Police and Maharashtra that led to the ED opening an investigation.
According to the inquiry, in 2017 the accused collected over ₹ 6,600 Crore in Bitcoins by misleading investors with claims of 10% monthly profits on Bitcoin investments. As to the ED's allegations, the promoters deceived the investors and were hiding the fraudulently obtained Bitcoins in anonymous virtual wallets.
After conducting an inquiry, the investigating agency discovered that Raj Kundra had received 285 Bitcoins from Amit Bhardwaj, the person responsible for the 'Gain Bitcoin' Ponzi scam. These bitcoins were meant to be used to start a mining farm for bitcoins in Ukraine. Mr Kundra still has the Bitcoins, which are today worth over ₹ 150 crore, after the sale fell.
A case concerning the production and distribution of pornographic videos through the use of the subscriber-driven mobile app "Hotshots" resulted in Raj Kundra's imprisonment in 2021. The Supreme Court granted him bail in that case.
