The ED has accused Raj Kundra of possessing 285 Bitcoins (approximately ₹150.47 crore); the case is registered under the PMLA.
What is Raj Kundra accused of regarding 285 Bitcoins?
Shilpa Shetty’s husband, Raj Kundra, is once again under investigation by the ED.
The agency has accused him of possessing and profiting from 285 Bitcoins received from Amit Bhardwaj, estimated to be worth approximately ₹150.47 crore.
The case has been filed in court under the Prevention of Money Laundering Act (PMLA).
What is the case related to?
This entire case stems from Amit Bhardwaj’s alleged crypto scam. Bhardwaj and his company, Variable Tech, were accused of defrauding investors by promising Bitcoin mining. The ED says that many Bitcoins were kept in hidden digital wallets, and Raj Kundra received a total of 285 Bitcoins, the veracity of whose transactions is now under investigation.
What is the ED saying?
According to the ED, Kundra concealed wallet addresses and failed to provide relevant documents on time.
He allegedly attempted to conceal the true source by transferring the Bitcoins to Shilpa Shetty’s company at a lower price.
Citing the term sheet, the agency stated that Kundra was not merely an intermediary but also a beneficiary.
The ED also considered Kundra’s claim of a damaged iPhone as an attempt to destroy evidence.
Who else is involved in the case?
The chargesheet also names Rajesh Satija, who is among others involved in this transaction.
The case will continue to be heard in the PMLA court, and the investigation is ongoing.
Shilpa Shetty’s response
Shilpa Shetty’s lawyer clarified that the reports of a transfer of ₹15 crore are “fake.”
The lawyer stated that such claims are deliberately being spread to defame his client and that they will take legal action.
He also assured full cooperation in the investigation.
Background: ₹60 Crore Case
Earlier, Raj Kundra and Shilpa Shetty were also under investigation by the EOW for fraudulently amassing ₹60.4 crore, where an investor alleged that their money was taken under the guise of investment and misused.
The Bottom Line
The matter is complex, and the lack of transparency surrounding digital currencies has further complicated it.
The decision will now depend on the court and investigating agencies to determine the evidence used to prove the allegations and the extent to which anyone is held accountable.
