ED tightens its grip on Raj Kundra, files chargesheet in ₹150 crore Bitcoin scam case

On Friday, the Enforcement Directorate (ED) charged businessman Raj Kundra in the Bitcoin scam. The agency asserts that Kundra was not just a middleman but the real beneficiary of 285 Bitcoins, worth over ₹150 crore at present.

This case involves Amit Bhardwaj, a notorious figure in the crypto world and the mastermind of the "Gain Bitcoin" Ponzi scam. The ED alleges that Raj Kundra received 285 Bitcoins from Bhardwaj. These Bitcoins were intended to be used to set up a mining farm in Ukraine, but the deal failed to materialize. Despite this, Kundra continues to hold onto these Bitcoins. According to the agency, Kundra consistently attempted to mislead the investigation. He did not even share the address of his Bitcoin wallet and claimed his phone was out of order to conceal evidence.

The chargesheet also alleges that Kundra entered into a transaction with his wife, actress Shilpa Shetty, showing the transaction at a price far below market value. According to the ED, this method was used to launder black money and make illegal proceeds appear legitimate.

Raj Kundra argued that he was merely an intermediary and had no direct ownership. However, the ED maintains that Kundra was the actual beneficiary due to the terms of the agreement and his consistent knowledge of the transactions. Furthermore, his clear disclosure of transactions dating back seven years proves that he owned the Bitcoins.

Thousands of investors were duped in this scam. They were promised substantial profits from Bitcoin mining, but instead, the investors' money was siphoned off and the Bitcoins were hidden in secret wallets. The Maharashtra and Delhi police filed several FIRs in connection with the fraud, based on which the ED filed a money laundering case.

In addition to Raj Kundra, businessman Rajesh Satija's name has also surfaced in the case. A charge sheet has been filed against both of them in a special PMLA court.