New Delhi:

Businessman Raj Kundra shared a cryptic post about staying calm late last night after the Enforcement Directorate (ED) seized his assets worth Rs 97.79 crore in a probe linked to a Bitcoin ponzi scam.

Mr Kundra, the husband of Bollywood actor Shilpa Shetty, shared the photo of a roaring lion on Instagram Stories with a text on it reading: “Learning to stay calm when you feel disrespected is a different type of growth.”

The assets seized from them include a residential flat in Juhu, which is registered in Shilpa Shetty’s name, a residential bungalow in Pune, and equity shares of Mr Kundra.

The couple have denied any involvement in the case. In a statement yesterday, their lawyer said no case is made out against them and they have faith in a fair investigation.

“There is no prima facie case made out against my clients Mr Raj Kundra and Mrs Shilpa Shetty Kundra. I believe when we make our fair representation before the Honourable Enforcement Directorate, even the investigation agencies may grant justice to us. We have faith in the fair investigation,” said their lawyer Prashant Patil.

A Ponzi scheme is an investment fraud where investors are lured with promises of huge profits at little or no risk. But instead of investing the money, the conmen try to lure more investors and pay initial investors with funds from the recent ones.

The latest probe pertains to allegations that Mr Kundra had received 285 bitcoins from the mastermind behind the Ponzi scheme, which he intended to use to establish a Bitcoin mining farm in Ukraine. However, the deal did not materialize and left Mr Kundra with Bitcoins worth over Rs 150 crore.

This is not the first time Mr Kundra is facing a police probe. In 2021, he was arrested in a case involving the production and distribution of pornographic films. The Supreme Court later granted him bail.

New Delhi:

Raj Kundra, businessman and actor Shilpa Shetty’s husband, has landed on the radar of the Enforcement Directorate in a money laundering case linked to a Ponzi scheme. The probe agency has seized properties worth Rs 97.79 crore, which also includes a Mumbai flat registered in the name of Shilpa Shetty. Raj Kundra, though, is not the prime accused in the case.

The case pertains to the masterminds launching an investment scheme called ‘Gain Bitcoin’ in 2017. They approached investors with a false promise of a 10 per cent a month return, but in the form of bitcoins.

In a short span, they managed to raise Rs 6,600 crore.   

The main accused, Ajay Bhardwaj and Mahendra Bhardwaj, told investors that they would use the amount to mine bitcoins which would give instant and huge rewards.

The first couple of months they paid profits to their initial investors from the money that came in from the recent ones. But they stopped when they could not get enough new investors on board.   

They bought bitcoins with the remaining money and hid them in obscure online wallets.

The Enforcement Directorate launched the probe after multiple FIRs were filed by Maharashtra and Delhi Police.

The probe revealed that Raj Kundra received 285 Bitcoins from the mastermind and promoter of the Gain Bitcoin Ponzi Scam, Amit Bhardwaj, for setting up a Bitcoin mining farm in Ukraine, ED said.

“Since the deal didn’t materialise, Raj Kundra is still in possession and enjoyment of 285 Bitcoins which are presently valued at more than Rs 150 crore,” an ED official told news agency IANS.

Raj Kundra and Shilpa Shetty have denied any involvement in the case and said that they are confident of being cleared after the probe.

“On the face of it, there is no prima facie case made out against my clients Mr Raj Kundra and Mrs Shilpa Shetty Kundra. We have complete faith in the Honourable Judiciary,” the couple’s lawyer Prashant Patil said.