Bollywood Couple's Properties Seized in $12.5 Million Bitcoin Ponzi Scheme Bust

Bollywood actress Shilpa Shetty and her husband Raj Kundra's assets valued at INR970 million have been seized in connection with an alleged INR60 billion Bitcoin Ponzi scheme. The Enforcement Directorate (ED) has attached their residential flat in Juhu, a bungalow in Pune, and Kundra's equity shares as part of its money-laundering probe. Kundra is suspected of receiving 285 bitcoins, worth around INR1.5 billion, from the scam's prime suspect to establish a Bitcoin mining farm in Ukraine.

Law Enforcement Seizes Properties Valued at INR 970 Million in Bitcoin Ponzi Scheme Probe

Mumbai, India - The Enforcement Directorate (ED) of India has seized properties belonging to renowned Bollywood actor Shilpa Shetty and her husband, Raj Kundra, as part of an ongoing investigation into a massive Bitcoin Ponzi scheme. The attached assets include a residential flat in the upscale Juhu neighborhood of Mumbai, a bungalow in Pune, and various equity shares held by Kundra. The total value of the seized properties is estimated to be approximately INR 970 million (USD 12.5 million).

According to authorities, Kundra is suspected of receiving 285 bitcoins, currently valued at around INR 1.5 billion (USD 19.5 million), from Amit Bhardwaj, the mastermind behind the alleged INR 60 billion (USD 768 million) Bitcoin Ponzi scheme known as "Gain Bitcoin." These bitcoins were allegedly intended to be used for the establishment of a Bitcoin mining farm in Ukraine.

The investigation revealed that Singapore-based firm Variable Tech Pte Ltd, allegedly operated by Bhardwaj, lured investors from across India with promises of high returns on investments in Bitcoin mining. However, the investors never received the promised returns, and the collected bitcoins were allegedly diverted to several companies set up overseas, including those linked to Kundra.

"ED's investigation has established that Raj Kundra received 285 bitcoins from the promoter of Gain Bitcoin Ponzi Scam, Amit Bhardwaj, for setting up a Bitcoin mining farm in Ukraine," an ED official stated. "As per the scheme, the investors were assured 10% monthly returns in the form of bitcoins. However, the collected bitcoins were siphoned off and concealed in obscure online wallets."

The ED's seizure of Shetty and Kundra's properties represents a significant step in the ongoing investigation into the Bitcoin Ponzi scheme. It is believed that the proceeds from the scheme were used to acquire several properties both in India and abroad. Further investigation is underway to trace and recover the remaining assets and funds involved in the scam.

Kundra, 45, has faced additional legal troubles in recent years. In July 2021, he was arrested by Mumbai Police on accusations of facilitating the production and distribution of pornographic content through his company, Viaan Industries Ltd. He has since been released on bail and is currently facing trial.