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11 Million Confiscated from Leading British-Indian Entrepreneur in Bitcoin Fraud Worth Millions

2024/04/19 15:27

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India Takes Action Against Alleged Fraud

In a significant move under the Prevention of Money Laundering Act, India's Enforcement Directorate has temporarily seized $11 million in assets belonging to businessman Raj Kundra. This action is part of an ongoing investigation into a Bitcoin scam that reportedly involved large-scale deception of investors.

The probe was initiated following multiple First Information Reports targeting M/s Variable Tech Pte Ltd and various individuals. Among those implicated are Amit Bhardwaj and his associates, known for their roles in the 'Gain Bitcoin' Ponzi scheme.

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

Investigators have discovered that in 2017, the accused amassed nearly $792 million in Bitcoin, promising investors 10% monthly returns. These returns never materialized, as the promoters instead concealed the stolen funds in elusive online wallets. Specifically, Raj Kundra received 285 Bitcoin from Amit Bhardwaj intended for a mining operation in Ukraine—a plan that never materialized, leaving Kundra with Bitcoins now worth over $18 million.

Kundra, who is also known as the husband of Bollywood actress Shilpa Shetty, faced arrest in 2021 over unrelated charges involving the distribution of pornographic content through the 'Hotshots' app, from which he later secured bail.

Continuing Efforts to Apprehend Fugitives

While some suspects are in judicial custody, key figures like Ajay Bhardwaj and Mahendra Bhardwaj remain at large, continuing to evade capture.

Dapatkan pemahaman yang lebih luas tentang industri kripto melalui laporan informatif, dan terlibat dalam diskusi mendalam dengan penulis dan pembaca yang berpikiran sama. Anda dipersilakan untuk bergabung dengan kami di komunitas Coinlive kami yang sedang berkembang:https://t.me/CoinliveSG

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