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Raj Kundra: In a significant development, the Enforcement Directorate (ED), Mumbai Zonal Office, has taken action by provisionally attaching immovable and movable properties worth Rs. 97.79 Crore belonging to Ripu Sudan Kundra, popularly known as Raj Kundra, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The properties under the attachment include a residential flat located in Juhu, currently registered in the name of Smt. Shilpa Shetty, along with a residential bungalow situated in Pune, and equity shares owned by Raj Kundra. This measure comes in response to investigations launched by the Enforcement Directorate (ED) following multiple FIRs filed by the Maharashtra Police and Delhi Police against entities such as M/s Variable Tech Pte Ltd, as well as individuals like Late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, and Mahender Bhardwaj, along with various MLM agents.
The FIRs allege that the accused orchestrated a Ponzi scheme, collecting vast sums, including Bitcoins worth Rs. 6600 Crore in 2017, from unsuspecting investors with promises of lucrative returns. Investigations revealed that Raj Kundra received 285 Bitcoins from Amit Bhardwaj, the mastermind behind the Gain Bitcoin Ponzi Scam, for establishing a Bitcoin mining farm in Ukraine. Despite the venture failing to materialize, Kundra retains possession of the Bitcoins, valued at over Rs. 150 Crore.
Earlier operations led to the arrest of three individuals: Simpy Bhardwaj, Nitin Gaur, and Nikhil Mahajan, who are presently in judicial custody. However, main accused Ajay Bhardwaj and Mahendra Bhardwaj remain at large. Previously, ED had attached properties worth Rs. 69 Crore. Prosecution complaints were filed on June 11, 2019, and February 14, 2024, with the Hon’ble Special PMLA court taking cognizance of the same.
The provisional attachment of properties underscores ED’s relentless pursuit of financial crimes and money laundering activities, signaling a commitment to upholding the integrity of the financial system and protecting investors from fraudulent schemes.
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