The Enforcement Directorate has seized properties worth almost Rs 98 crore belonging to businessman Raj Kundra, including his wife Shilpa Shetty’s flat in Juhu, as part of a money laundering investigation.
The Mumbai Zonal Office has provisionally attached both immovable and movable assets worth Rs 97.79 crore owned by Ripu Sudan Kundra, also known as Raj Kundra, under the Prevention of Money Laundering Act (PMLA), 2002. These assets comprise a residential flat in Juhu, presently registered in Shilpa Shetty’s name, a residential bungalow in Pune, and equity shares owned by Raj Kundra.
The ED’s inquiry stems from multiple FIRs filed by the Maharashtra Police and Delhi Police against Variable Tech Pte Ltd, late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj, and numerous MLM agents. These FIRs allege that the accused parties amassed substantial funds, primarily in Bitcoins (approximately Rs 6,600 crore in 2017 alone), by deceiving the public with false promises of a 10 percent monthly return in Bitcoin investments.
Investors were led to believe that their funds would be used for Bitcoin mining, with the promise of significant returns in crypto assets. However, the promoters allegedly defrauded investors and concealed the ill-gotten Bitcoins in obscure online wallets.
During its investigation, the ED discovered that Raj Kundra had received 285 Bitcoins from Amit Bhardwaj, the mastermind behind the Gain Bitcoin Ponzi scheme, to establish a Bitcoin mining farm in Ukraine. These Bitcoins were allegedly obtained from the proceeds of the fraudulent scheme. As the deal did not materialise, Kundra still possesses and benefits from these 285 Bitcoins, presently valued at over Rs 150 crore.
Previously, the ED had conducted multiple search operations in this case, resulting in the arrest of three individuals: Simpy Bhardwaj on December 17, Nitin Gaur on December 29, and Nikhil Mahajan on January 1 of the previous year. All three are currently in judicial custody.
However, main accused Ajay Bhardwaj and Mahendra Bhardwaj remain absconding. Earlier, the ED had attached properties worth Rs 69 crore. Prosecution complaints were filed on June 11, 2019, and supplementary prosecution complaints on February 14, 2024, with the Hon’ble Special PMLA court taking cognizance of the same. The investigation is ongoing.
