Raj Kundra ED Case Explained: Properties Worth Rs 98 Cr Seized 

Raj Kundra, the famous businessman and husband of Bollywood actress Shilpa Shetty, has had properties worth Rs. 98 crore seized by the Enforcement Directorate.

The ED has also seized Shilpa Shetty’s Juhu flat. The Mumbai Zonal Office has seized movable and immovable properties worth Rs. 97.79 crore belonging to Raj Kundra (also known as Ripu Sudan Kundra) under the Prevention of Money Laundering Act (PMLA), 2002, as reported by The Economic Times.

The seized properties include equity shares in Raj Kundra’s name, a residential bungalow situated in Pune, and a flat in Juhu under Shilpa Shetty’s name.

The investigation was initiated by the ED based on multiple FIRs registered by the Delhi Police and Maharashtra Police.

The FIRs were registered against several MLM agents: Mahender Bhardwaj, Simpy Bhardwaj, Vivek Bhardwaj, Ajay Bhardwaj, the late Amit Bhardwaj, and M/s Variable Tech Pte Ltd.

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ED, Mumbai has provisionally attached immovable and movable properties worth Rs. 97.79 Crore belonging to Ripu Sudan Kundra aka Raj Kundra under the provisions of PMLA, 2002. The attached properties include Residential flat situated in Juhu presently in the name of Smt. Shilpa…

— ED (@dir_ed) April 18, 2024

According to News18, allegations prevail that they collected funds worth Rs. 6,600 crore in 2017 in the form of Bitcoins. Moreover, they falsely promised a 10 percent return per month in the form of Bitcoins.

Investors were led to believe they would get higher returns on crypto assets, and the Bitcoins were purportedly taken to be used for Bitcoin mining in Ukraine. However, the promoters cheated the investors.

The promoters concealed the “ill-gotten Bitcoins in obscure online wallets.”

Investigation on Raj Kundra and Other Suspects 

The ED investigation into Raj Kundra revealed that he received 285 Bitcoins from Amit Bhardwaj, the mastermind.

As the deal didn’t materialize, Raj Kundra still possesses 285 Bitcoins, worth Rs. 150 crore at present value, as per Mint.

In this case, Nikhil Mahajan was apprehended on January 1, 2023, Nitin Gaur on December 29, 2023, and Simpy Bhardwaj on December 17, 2023. Currently, all three of them are in judicial custody. 

However, the masterminds, Mahendra Bhardwaj and Ajay Bhardwaj, are yet to be caught. 

Further investigation in the case is under progress.

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