The Enforcement Directorate (ED) has taken action against businessman Raj Kundra, seizing properties totaling Rs 97.79 crore, including assets held by his wife, Bollywood actor Shilpa Shetty. This move comes amidst investigations into allegations of money laundering related to a cryptocurrency scam.

The ED’s Mumbai zonal office has provisionally attached both immovable and movable assets belonging to Raj Kundra under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. These assets include a residential flat in Mumbai’s upscale Juhu area registered in Shilpa Shetty’s name, a residential bungalow in Pune, and equity shares in Raj Kundra’s name, according to a statement by the agency.

The investigations were initiated based on multiple FIRs filed by both Maharashtra Police and Delhi Police. Allegations suggest that Kundra, along with accomplices, amassed substantial funds, primarily in bitcoins, amounting to Rs 6,600 crore in 2017. These funds were reportedly solicited from unsuspecting investors under false promises of lucrative returns of 10% per month in bitcoins.

According to the ED, the collected bitcoins were purportedly intended for bitcoin mining operations, with investors expecting substantial returns in cryptocurrency assets. However, the agency alleges that Kundra and associates deceived investors, concealing the ill-gotten bitcoins in obscure online wallets.

Further investigations revealed that Kundra received 285 bitcoins from Amit Bhardwaj, the mastermind behind the Gain Bitcoin Ponzi Scam, for the establishment of a bitcoin mining farm in Ukraine. These bitcoins, sourced from proceeds of crime, are currently valued at over Rs 150 crore. Despite the failure of the mining farm venture, Kundra is alleged to retain possession of these bitcoins.

In connection with the case, previous search operations led to the arrest of three individuals: Simpy Bhardwaj on December 17, 2023, Nitin Gaur on December 29, 2023, and Nikhil Mahajan on January 16, 2023. All three are currently in judicial custody. However, the main accused, Ajay Bhardwaj, and Mahendra Bhardwaj remain absconding.