Mumbai: The Enforcement Directorate (ED) has provisionally attached immovable assets worth Rs 10.63 Crore under the Prevention of Money Laundering Act (PMLA), 2002, on February 17. These assets belong to the late Amit Bhardwaj. The attached properties include commercial properties located in prime business centers in Dubai, UAE, the agency said on Wednesday.
The ED's investigation began following multiple FIRs filed by the Maharashtra and Delhi Police against M/s Variable Tech Pte Ltd and several individuals, including the late Amit Bhardwaj, his relatives—Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj—and various MLM agents. The accused allegedly collected large sums of money in the form of Bitcoins from unsuspecting members of the public, promising a 10% monthly return in Bitcoin. The collected Bitcoins were purportedly to be used for Bitcoin mining, with investors promised huge returns in crypto assets. However, the promoters cheated the investors and concealed the ill-gotten Bitcoins in obscure online wallets.
Earlier, the ED conducted multiple search operations related to this case. Three individuals—Simpy Bhardwaj (arrested on December 17, 2023), Nitin Gaur (arrested on December 29, 2023), and Nikhil Mahajan (arrested on January 16, 2023)—have been arrested.
In the same case, the ED attached immovable and movable properties worth Rs 97.79 crore belonging to businessman Raj Kundra and his wife, actress Shilpa Shetty. The attached assets include a residential flat in Juhu, Mumbai, registered in Shilpa Shetty's name, a bungalow in Pune, and equity shares held by Raj Kundra. The celebrity couple challenged these notices in the Bombay High Court, arguing that the ED's actions were premature and violated their statutory rights. The court directed the ED to withhold action on the eviction notices until the couple files an appeal before the appellate authority.
The main accused, Ajay Bhardwaj and Mahender Bhardwaj, remain absconding. In a previous action, the ED attached properties worth Rs 172 Crore linked to the same case. A Prosecution Complaint was filed on June 11, 2019, with a Supplementary Prosecution Complaint filed on February 14, 2024. The Hon’ble Special Court (PMLA) has already taken cognizance of the case.
The ED has further sought assistance from foreign countries, as the proceeds of crime (PoC) have traveled abroad.
