ED reds Raj Kundra properties 97.79 Crore under PMLA, 2002, know the details

The Enforcement Directorate (ED) made a big move on Thursday, April 18th, 2024. They took control of assets worth a whopping Rs 98 crore from the well-known actor Shilpa Shetty and her husband, Raj Kundra. These assets included a fancy house in Pune and some stocks. Why did this happen? Let’s find out.

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How long has Raj Kundra’s money laundering case been going on?

The money laundering case began with complaints filed by both the Maharashtra Police and Delhi Police. It was against a company named Variable Tech Pte Ltd, along with a group of people, including Late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj, and many agents. They were accused of tricking people into investing in Bitcoins, promising a 10% monthly return. This scam allegedly gathered about Rs 6,600 crore worth of Bitcoins back in 2017.

Raj Kundra supposedly got 285 Bitcoins from Amit Bhardwaj, who’s seen as the main person behind the scam. The plan was to use them to start a Bitcoin mining farm in Ukraine, but it didn’t happen. However, Kundra still has those 285 Bitcoins, which are now worth over ₹150 crore.

The main suspects, Ajay Bhardwaj and Mahendra Bhardwaj are still missing. The Enforcement Directorate (ED) started investigating the Ponzi scheme in 2018 after the Maharashtra and Delhi police filed multiple cases against Variable Tech and others involved.

In January 2024 the ED arrested businessman Nikhil Mahajan for allegedly promoting the scam. Mahajan held seminars in Dubai to attract investors and received 40 bitcoins in exchange.

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ED reds Raj Kundra properties 97.79 Crore

What is Raj Kundra’s 97.79 crores earning source?

Raj Kundra is known as one of the wealthiest British Asians today. He started making money through his import business. His first big hit was importing Pashmina shawls from Nepal and selling them to top fashion houses in London. This venture was a big success for him.

After that, Raj Kundra put his money into different industries. He invested a lot in Bollywood movies and sports. Lately, his company Viaan Industries started putting more focus on the online gaming sector.

Raj Kundra also made money by selling adult content. Some sources say he earned about 90 lakh rupees every month from this business. This added to his wealth and helped him become richer.

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