India’s ED Charges Raj Kundra in crypto Scam Involving 285 Bitcoins
India’s Enforcement Directorate (ED) has filed charges against businessman Raj Kundra.He is accused of owning 285 Bitcoins worth Rs 150.47 crore ($31 million). The cryptocurrency allegedly came from Amit Bhardwaj, a late crypto-scam mastermind.
The ED claims Kundra concealed evidence and kept the cryptocurrency after a failed mining deal in Ukraine. He allegedly disguised illicit funds through transactions with his wife, actor Shilpa shetty.
The case links Kundra to one of India’s biggest crypto Ponzi schemes. This scheme cheated over 8,000 investors out of 80,000 Bitcoins between 2015 and 2018.
Investigators say Kundra concealed evidence and kept the cryptocurrency after a failed mining deal in Ukraine. He allegedly disguised illicit funds through transactions with his wife, actor Shilpa Shetty.
The ED claims Kundra remains in possession of the proceeds of crime and conducted transactions with his wife at below-market rates to disguise funds obtained through criminal activities.
Kundra’s role in the Bitcoin mining scheme is disputed.the Times of India reported that the money laundering case originates from police complaints against Variable Tech Private Limited and the Bhardwaj family, who operated GainBitcoin and related platforms.
Since 2018,Kundra has failed to provide wallet addresses where the 285 Bitcoins were transferred,hampering recovery efforts. He attributed this inability to damage to his iPhone X shortly after his initial statement,which the ED interpreted as a purposeful attempt to destroy evidence.
The chargesheet also names businessman Rajesh Satija as another accused party in the case.
