In a significant development, the Enforcement Directorate (ED) has taken action by attaching both immovable and movable assets totaling Rs 97.79 crore belonging to Ripu Sudan Kundra, also known as Raj Kundra, a prominent businessman and the spouse of Bollywood luminary Shilpa Shetty. This action is carried out under the legal provisions outlined in the Prevention of Money Laundering Act (PMLA) of 2002.
Among the properties seized are a residential apartment situated in the affluent Juhu area, registered under Shilpa Shetty's name, alongside another residential estate in Pune and equity shares held under Raj Kundra's ownership. The ED's investigative procedures stem from various First Information Reports (FIRs) filed by both the Maharashtra Police and the Delhi Police against entities such as Variable Tech Pte Ltd, as well as individuals including the late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, and Mahender Bhardwaj, alongside several other multi-level marketing (MLM) agents.
Allegations suggest that these entities amassed substantial sums, approximately Rs 6,600 crore in Bitcoin alone by 2017, from the public, promising unrealistic returns of 10% per month in Bitcoin form. These funds were ostensibly meant for Bitcoin mining activities, with investors anticipating significant gains in crypto assets.
According to an official statement by the ED, the promoters of these schemes deceived investors and clandestinely hoarded the ill-gotten Bitcoins in obscure online wallets. The investigation further exposed that Raj Kundra received 285 Bitcoins from Amit Bhardwaj, the mastermind behind the Gain Bitcoin Ponzi Scam, intended for establishing a Bitcoin mining operation in Ukraine. These Bitcoins were derived from illicit proceeds collected by Amit Bhardwaj from unsuspecting investors.
Despite the failed venture, Raj Kundra retains possession of the 285 Bitcoins, currently valued at over Rs. 150 crore. Throughout the investigation, multiple raids were conducted, leading to the arrest of three individuals, namely Simpy Bhardwaj, Nitin Gaur, and Nikhil Mahajan, all of whom are presently in judicial custody. However, the primary suspects, Ajay Bhardwaj and Mahendra Bhardwaj, remain at large.
Previously, the ED had seized assets worth Rs 69 crore in connection with this case. The Prosecution Complaint was filed on June 11, 2019, followed by a Supplementary Prosecution Complaint on February 14, 2024, both of which have been acknowledged by the Special PMLA court. The investigation is ongoing, as affirmed by the official statement.
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