The Enforcement Directorate (ED) took a significant step in the ongoing investigation into businessman Raj Kundra’s alleged involvement in a money laundering case. Properties valued at almost Rs 98 crore were seized, including a residential flat in Juhu registered under his wife Shilpa Shetty’s name, a residential bungalow in Pune, and equity shares owned by Kundra.
The action follows multiple FIRs filed by Maharashtra Police and Delhi Police against M/s Variable Tech Pte Ltd and several individuals, including the late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, and Mahender Bhardwaj, along with numerous MLM agents. These FIRs alleged the collection of funds, primarily in Bitcoins, totaling approximately Rs 6,600 crore in 2017, with the promise of a 10 percent monthly return in Bitcoins. Investigation revealed that Kundra had received 285 Bitcoins from Amit Bhardwaj for setting up a Bitcoin mining farm in Ukraine, acquired through illegal means from defrauded investors.
Previous search operations in connection with this case led to the arrest of three individuals: Simpy Bhardwaj, Nitin Gaur, and Nikhil Mahajan. However, the main accused, Ajay Bhardwaj, and Mahendra Bhardwaj, remain at large. Earlier, the ED had attached properties worth Rs 69 crore, and prosecution complaints were filed in June 2019 and February 2024. These complaints have been acknowledged by the Special PMLA court, marking significant progress in the legal proceedings.
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