Shocking seizure! ED locks down ₹98cr of Shilpa Shetty’s husband Raj Kundra

In a major enforcement action, the Enforcement Directorate (ED) has confiscated properties valued at ₹97.79 crore from Raj Kundra, a prominent businessman and husband of Bollywood star Shilpa Shetty, in connection with a Bitcoin Ponzi scheme. This high-profile seizure includes a luxury flat in Juhu, Mumbai, registered in Shilpa Shetty’s name, a lavish bungalow in Pune, and substantial equity shares directly linked to Raj Kundra.

The properties targeted by the ED include high-value real estate and investments under Kundra’s name. Amidst the scandal, both Raj Kundra and Shilpa Shetty have publicly denied any wrongdoing linked to the Bitcoin Ponzi scheme. Their lawyer, Prashant Patil, stated, “There is no prima facie case made out against my clients Mr. Raj Kundra and Mrs. Shilpa Shetty Kundra. I believe when we make our fair representation before the Honourable Enforcement Directorate, even the investigation agencies may grant justice to us. We have faith in the fair investigation.”

The ED’s aggressive move comes after extensive investigations tied to complaints by the Maharashtra and Delhi Police against Variable Tech Private Limited and several individuals including the late Amit Bhardwaj. Allegedly, these entities duped investors of about ₹6,600 crore in Bitcoins in 2017 by promising unrealistic returns of 10% per month. The accused reportedly siphoned off these funds into hidden online wallets, continuing to deceive investors.

During the investigation, it was revealed that Raj Kundra received 285 Bitcoins from Amit Bhardwaj, intended for a Bitcoin mining operation in Ukraine—a plan that never came to fruition. These Bitcoins, now worth over ₹150 crore, further entangle Kundra in the ongoing probe. Notably, Kundra was previously arrested in 2021 related to allegations of producing and distributing pornographic content through a mobile app, though he later secured bail from the Supreme Court.

The current seizure by the ED not only highlights the continued regulatory scrutiny over cryptocurrency-related frauds in India but also underscores the serious repercussions for those involved in such high-stake financial deceptions. This case is particularly sensational due to the involvement of high-profile individuals and the large sums of money, making it a landmark event in India’s fight against financial crimes in the digital age.