Connect with us

Hi, what are you looking for?


$11M Seized from Top British-Indian Businessman in Multi-Million Dollar Bitcoin Scam

India’s law enforcement authorities confiscated properties worth $11m owned by businessman Raj Kundra as part of an investigation related to an alleged Bitcoin scam.

Under the stipulations outlined in the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate on Thursday declared its temporary seizure of both real estate and personal assets Kundra owns.

The ED’s measures are part of its inquiry into alleged money laundering endeavors associated with Kundra. He is Bollywood actress Shilpa Shetty’s husband.

In the statement, the authority said it launched an investigation based on numerous First Information Reports (FIRs). These reports targeted M/s Variable Tech Pte Ltd, as well as individuals including Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj, and a collection of marketing agents.

ED, Mumbai has provisionally attached immovable and movable properties worth Rs. 97.79 Crore belonging to Ripu Sudan Kundra aka Raj Kundra under the provisions of PMLA, 2002. The attached properties include Residential flat situated in Juhu presently in the name of Smt. Shilpa…

— ED (@dir_ed) April 18, 2024

Ponzi Scheme Promoters Accused of Hiding Millions

According to the investigation, the accused amassed Bitcoin worth about $792m in 2017 by misleading investors with assurances of 10% monthly returns through Bitcoin investments. The promoters allegedly defrauded investors and have since concealed the illicitly obtained Bitcoin in obscure online wallets.

During investigation, the agency discovered Kundra had received 285 Bitcoin from Amit Bhardwaj, the orchestrator of the ‘Gain Bitcoin’ Ponzi scheme. These Bitcoin were intended for the establishment of a mining operation in Ukraine. These coins were reportedly derived from illicit gains acquired by Amit Bhardwaj from unsuspecting investors.

However, the transaction did not come to fruition. This left Kundra in possession of the Bitcoins, which are currently valued at over $18m.

Kundra didn’t return Cryptonews’ request for comment by press time.

Bitcoin Scam Promised Returns, Delivered Lies

“The collected Bitcoins were supposed to be utilized for Bitcoin mining and investors were supposed to get huge returns in crypto assets. But the promoters cheated the investors and have been concealing the ill-gotten Bitcoins in obscure online wallets,” the statement read.

The ED has previously taken action on the same case. Nikhil Mahajan was arrested in January last year, while Simpy Bhardwaj and Nitin Gaur were arrested in Dec. All of them are currently in judicial custody. However, the primary suspects, Ajay Bhardwaj and Mahendra Bhardwaj, are still evading law enforcement.

In 2021, Kundra was arrested for involvement in producing and distributing pornographic content via the ‘Hotshots’ app. He obtained bail from the Supreme Court in that case.

The post $11M Seized from Top British-Indian Businessman in Multi-Million Dollar Bitcoin Scam appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Pavel Durov, the founder of Telegram, has received a generous donation from over half a million players of the viral Telegram-based clicker game called...


The crypto industry has made a record $94 million in political donations since 2023 in an effort to support pro-crypto governance. According to a...


As the Floki (FLOKI) bulls eye a quick 50% rally from current levels around $0.00021 to yearly highs above $0.00031 after a key technical...


Bank of America (BAC) upgraded its rating on Coinbase (COIN) shares from underperform to neutral on Friday and raised its price target for Coinbase to...


In a major move, Turkey drafted a crypto bill, tabled by the ruling party (AK Party) Group Chairperson Abdullah Güler on May 16, to...


Hong Kong became the first region outside mainland China to allow users to open digital wallets and hold China’s CBDC e-CNY, otherwise known as...

You May Also Like

Financial Advisors


Financial Advisors


Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.