The Enforcement Directorate (ED) has provisionally attached immovable and movable properties worth Rs. 97.79 crore belonging to businessman Raj Kundra and Bollywood actress Shilpa Shetty under the Prevention of Money Laundering Act (PMLA), 2002. This action is part of an ongoing investigation into an alleged Cryptocurrency Ponzi scheme. The attached assets include a residential flat in Juhu, Mumbai, registered under Kundra’s wife, Shilpa Shetty’s name, a bungalow in Pune, and equity shares held by Kundra. The ED claims these properties were purchased using proceeds from the criminal activity.
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ED attaches Rs. 97.79 crore worth properties of Raj Kundra and Shilpa Shetty linked to Bitcoin case: Reports
The official X, formerly Twitter, account of the Enforcement Directorate, said in a statement, “ED, Mumbai has provisionally attached immovable and movable properties worth Rs. 97.79 Crore belonging to Ripu Sudan Kundra aka Raj Kundra under the provisions of 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.”
ED, Mumbai has provisionally attached immovable and movable properties worth Rs. 97.79 Crore belonging to Ripu Sudan Kundra aka Raj Kundra under the provisions of PMLA, 2002. The attached properties include Residential flat situated in Juhu presently in the name of Smt. Shilpa…
— ED (@dir_ed) April 18, 2024
According to the Economic Times, the money laundering case stems from the First Information Reports (FIRs) filed by the Maharashtra and Delhi Police against Variable Tech Pte Ltd, its promoters, and several agents. These FIRs allege that the company, along with the individuals named, collected a massive sum of money in Bitcoins (valued at approximately Rs. 6,600 crore in 2017) from unsuspecting investors. The lure was a fraudulent promise of high monthly returns in Bitcoins.
The ED alleged that the promoters cheated investors and concealed the illegally obtained Bitcoins in obscure online wallets. According to the agency, Kundra is a key player in this scheme.
The ED claims that Kundra received 285 Bitcoins from the mastermind, Amit Bhardwaj, in exchange for setting up a Bitcoin mining farm in Ukraine. However, the agency alleges that Kundra never established the farm and instead continues to hold onto the Bitcoins, currently valued at over Rs. 150 crores.
While the Juhu flat is registered under Shilpa Shetty’s name, it’s unclear whether she was aware of the alleged source of funds used for its purchase.
In an official statement from Prashant Patil, advocate of Shilpa Shetty and Raj Kundra, it read, “We shall follow the due process of law and take necessary steps as prescribed under the provisions of Prevention of Money Laundering Act to protect the liberty and property of my clients.”
“On the face of it , there is no prima facie case made out against my clients Mr Raj Kundra and Mrs Shilpa Shetty Kundra .
we have complete faith in the Honourable Judiciary. 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. We stand committed to cooperate with the authorities as and when required.”
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