Alleged bitcoin scam prompted investigation

Kundra is still in possession and enjoyment of 285 Bitcoins: ED

3 persons were arrested

The Enforcement Directorate attached assets and properties valued at Rs 97.79 crore belonging to British businessman and husband of Bollywood actress Shilpa Shetty under provisions of the Prevention of Money Laundering Act (PMLA) 2002. “The attached properties include a Residential flat situated in Juhu presently in the name of Smt. Shilpa Shetty, Residential Bungalow situated in Pune and Equity shares in the name of Raj Kundra,” the ED stated on its X account. 

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An alleged bitcoin scam by the Variable Tech Private Limited prompted investigation. “It has been alleged that Variable Tech Private Limited collected huge amounts of funds in the form of Bitcoins (worth Rs 6600 Crore in 2017 itself) from the gullible public with the false promises of 10% per month return in the form of Bitcoins. The collected Bitcoins were supposed to be utilised 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. ED investigation revealed that Raj Kundra received 285 Bitcoins from the mastermind and promoter of Gain Bitcoin Ponzi Scam Amit Bhardwaj for setting up a Bitcoin mining farm in Ukraine. 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. Earlier, multiple Search operations were carried out in this case and 3 persons were arrested,” ED said in its press release.