New Delhi:
The Enforcement Directorate (ED) has seized properties price Rs. 97.79 Crore belonging to Raj Kundra in probe linked to a Bitcoin Ponzi rip-off. Raj Kundra is the husband of actor Shilpa Shetty.
A Ponzi scheme is a fraud the place buyers are promised bif revenue at little or no threat. However the cash just isn’t invested. As an alternative, the conman focuses on luring extra individuals and pays income to the preliminary buyers with funds from newer ones.
The ED launched a probe based mostly on a number of complaints filed by Maharashtra and Delhi Police in opposition to Variable Tech Non-public Restricted, late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj and others.
The investigation alleges that the accused collected roughly Rs 6,600 Crore in Bitcoins in 2017 by deceiving buyers with guarantees of 10% month-to-month returns by Bitcoin investments. The promoters cheated the buyers and have been concealing the ailing gotten Bitcoins in obscure on-line wallets, the ED alleged.
Throughout investigation, the probe company learnt that Raj Kundra had acquired 285 Bitcoins from Amit Bhardwaj, the mastermind behind the Acquire Bitcoin Ponzi scheme. These Bitcoins had been meant for establishing a Bitcoin mining farm in Ukraine. Nonetheless, the deal didn’t materialize, leaving Mr Kundra in possession of the Bitcoins, presently valued at greater than Rs 150 Crore.
The connected properties embody a residential flat situated in Juhu, presently registered within the title of actress Shilpa Shetty, a residential bungalow in Pune, and fairness shares owned by Raj Kundra.