ED seizes assets of Shilpa-Raj in money laundering probe
What's the story
The Enforcement Directorate (ED), Mumbai has provisionally confiscated assets worth ₹97.79cr belonging to Bollywood actor Shilpa Shetty Kundra and her businessman husband, Raj Kundra. The seized assets, both movable and immovable, are under the Prevention of Money Laundering Act (PMLA), 2002. These include a Juhu apartment registered under Shetty Kundra's name, a Pune bungalow, and equity shares held by Kundra. This action is part of an ongoing investigation into suspected money laundering activities linked to Kundra.
Investigation details
Investigation triggered by FIRs against Variable Tech Pte Ltd
The ED's investigation was initiated following several FIRs filed by Maharashtra and Delhi Police against Variable Tech Pte Ltd and numerous individuals including Amit Bhardwaj (deceased), Vivek Bhardwaj, Ajay Bhardwaj, Mahendar Bhardwaj, Simpy Bhardwaj, and various other multi-level marketing agents. The case accuses these individuals of accumulating substantial funds from the public as Bitcoins (valued at ₹6,600cr in 2017) under false pretenses of a monthly 10% return in Bitcoins.
Bitcoin transactions
Kundra received Bitcoins from Gain Bitcoin Ponzi scam
According to the ED, the collected Bitcoins were allegedly intended to be used for Bitcoin mining, with investors being promised substantial returns on Crypto assets. However, the promoters deceived the investors and concealed the Bitcoins in obscure online wallets. Per reports, Kundra received 285 Bitcoins from Amit, who masterminded the Gain Bitcoin Ponzi Scam, for setting up a Bitcoin mining farm in Ukraine. These Bitcoins were sourced from proceeds of crime collected by Amit from unsuspecting investors.
Arrests update
Arrests made in connection with money laundering case
The ED stated, "Since the deal didn't materialize, Kundra is still in possession and enjoyment of 285 Bitcoins which are presently valued at more than ₹150cr." Several search operations have been conducted, resulting in Simply's arrest on December 17, 2023, Nitin Gaur's on December 29, 2023, and Nikhil Mahajan's on January 16, 2023. All three are currently under judicial custody while primary suspects Ajay and Mahendar remain at large.
Twitter Post
Take a look at ED's tweet here
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
Legal trouble
Kundra has been in the news for legal misdemeanors
Not too long ago, Kundra made headlines after he was arrested by the Mumbai Police in 2021 in the infamous pornography case. The case was "about the creation of pornographic films and publishing them through some apps," with Kundra accused of cheating, "obscene and indecent advertisements and displays," and other charges under the Indecent Representation of Women (Prohibition) Act, among others. Kundra was in jail for nearly three months, before he was released on bail.