Raj Kundra allegedly caught up by The Enforcement Directorate for money-laundering probe

The ED – Enforcement Directorate said that it has connected temporarily resources worth Rs. 97.79 crore of Raj Kundra, a prominent businessman in its tax-laundering probe connected with the claimed Rs. 6,600 crore Bitcoin-based ponzi scam executed by a Singapore-based firm Variable Tech Private limited. 

Raj Kundra, spouse of Bollywood entertainer Shilpa Shetty, is anticipated of being a receiver of the case’s proceedings of involved in crime, as per ED sources. The attached properties incorporate a residential flat located in Juhu as of now in the name of Shilpa Shetty, a luxury residential bungalow located in Pune and value partakes in the name of Raj Kundra. 

The Enforcement Directorate charges that Variable Tech accumulated 80,000 bitcoins from guileless financial backers across the nation over by promising exceptional yields & returns, and subsidizes worth Rs. 6,606 crore were redirected through the nine firms for buying properties abroad.

Regarding to this, the ED states, “The collected Bitcoins were supposed to be utilized for Bitcoin mining and investors were supposed to get huge returns in Crypto assets. But the promoters cheated the investors and have been concealing the ill-gotten Bitcoins in obscure online wallets”.

“The said Bitcoins were sourced out of proceeds of crime collected by Amit Bhardwaj from gullible investors. Since the deal didn’t materialise, Kundra is still in possession and enjoyment of 285 Bitcoins which are presently valued at more than Rs. 150 Crore”, the agency added.

Also ED highlighted that Raj Kundra gotten 285 Bitcoins from the “mastermind” & main promoter of the scam, Amit Bhardwaj, for establishing a Bitcoin mining farm in Ukraine.