 "Enforcement Directorate")
The Enforcement Directorate (ED) has attached immovable and movable properties worth Rs 97.79 crore of businessman Raj Kundra, as it investigates a bitcoin fraud case under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The properties include a flat located in Mumbai’s Juhu, registered under the name of Kundra's spouse and actress, Shilpa Shetty, according to a report by ANI.
The attached properties include a bungalow situated in Pune and equity shares in the name of Raj Kundra.
India Today reported that the ED launched an inquiry prompted by several first information reports (FIRs) filed by both the Maharashtra Police and the Delhi Police against Variable Tech Private Limited and its associates, including the deceased Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj and other individuals.
It has been alleged that the accused had collected huge amounts of funds in the form of bitcoins (worth Rs 6,600 crore in 2017) from people with the false promises of 10 per cent per month return in the form of bitcoins, India Today reported.
The collection was intended for bitcoin mining, with investors expecting substantial returns in cryptocurrency assets. However, the promoters deceived the investors and have since hidden the unlawfully obtained bitcoins in undisclosed online wallets.
