In 2021, Raj Kundra was arrested in connection with the production and distribution of pornographic content via the 'Hotshots' app.The Enforcement Directorate (ED) has seized assets worth Rs 97.79 crore linked to Raj Kundra as part of an investigation into a Bitcoin scam. Kundra, the husband of Bollywood actor Shilpa Shetty, is currently under scanner for his alleged involvement in the Gain Bitcoin Ponzi Scam.
The seized assets include a Juhu flat registered under Shilpa Shetty‘s name, a bungalow in Pune, and equity shares owned by Raj Kundra. Both Kundra and Shetty have denied any involvement in the case.
“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,” their lawyer Prashant Patil said.
The ED initiated its investigation following multiple complaints filed by the Maharashtra and Delhi Police against Singapore-based Variable Tech Private Limited, Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, and Mahender Bhardwaj.
According to the investigation, the accused collected 80,000 Bitcoin, equivalent to Rs 6,606 crore at 2017 rates, by promising investors a monthly return of 10%. These funds were allegedly diverted through nine overseas firms to buy properties abroad, with investors allegedly never receiving their returns.
The agency alleges that the perpetrators concealed the ill-gotten Bitcoin in undisclosed wallets. Further investigation revealed that Raj Kundra received 285 Bitcoin from Amit Bhardwaj, intended for establishing a Bitcoin mining farm in Ukraine. However, the venture fell through, leaving Kundra in possession of Bitcoin now valued at over Rs 150 crore.
Meanwhile, key suspects Ajay Bhardwaj and Mahendra Bhardwaj remain at large. The agency had previously seized assets worth Rs 69 crore and filed a charge sheet in the case in June 2019.
In 2021, Raj Kundra was arrested in connection with the production and distribution of pornographic content via the ‘Hotshots’ app. However, he secured bail from the Supreme Court later.