Mumbai: The Enforcement Directorate (ED) has submitted a supplementary prosecution complaint against Bollywood actress Shilpa Shetty’s husband and businessman Raj Kundra in connection with the money laundering probe in Rs 6,606 crore bitcoin scam involving Delhi-based company Variabletech Pvt Ltd (VTPL).
ED’s Allegations
The agency claimed that Kundra is accused of having received 285 bitcoins worth Rs150.47 crore in April 2024, from Amit Bharadwaj, director of VTPL, who has died pending the case, for setting up a Bitcoin farm in 2017.
However, as the deal could not materialise, ED claimed Kundra still possesses the bitcoins, which is nothing but proceeds of crime. ED had claimed that Kundra, has refused to share any details about the same.
Property Transactions Linked
Besides, ED claimed that Kundra had allegedly purchased immovable property in Juhu and in Pune from the said proceeds of crime and alleged to have transferred it on the name of his wife Shetty at half the rate.
The agency in its on-going probe in the case has submitted a second supplementary prosecution complaint against Kundra and Delhi based businessman Rajesh Satija. The ED has found several gaps in the explanation given by Kundra for the alleged receipt of the bitcoins from Amit.
Conflicting Versions
ED has in its prosecution complaint claimed that Amit has alleged to have transferred 285 bitcoins to Kundra for investment in their joint venture for a new mining farm which was to be set up in Ukraine.
In his statement recorded in April and June 2018, Amit had claimed that he was approached by Kunda and Shetty for a joint venture for setting up a new mining firm in Ukraine and for which they sought $2.25 million in bitcoin.
Amit had stated that he had also transferred $1 million (approximately 300 bitcoins) by the end of July 2017 and remaining was to be transferred after the agreement was finalised.
Kundra admitted receiving the funds but said he was a mediator between his Israeli friend Shlomi Amouyal alias Tom and Amit. He claimed Amit transferred bitcoins to Tom’s wallets and that the deal was later canceled when Amit failed to send the remaining amount.
Amit claimed he spoke to Tom, who introduced him as a tech contact for Kundra. The agency said Kundra refused to provide details, alleging he lost all information in 2018 due to phone issues while still under investigation.
Assets Already Attached
ED however, claimed that there is a glaring mismatch in the version given by Amit and Kundra. ED claimed that Kundra had sent a term sheet to Amit which was sort of an agreement, wherein there was no mention of Tom. ED claimed that Kundra’s argument that he was just a mediator was not tenable.
ED claimed, “It is clear that the said deal of establishing Bitcoin mining farms was made between Kundra and Amit (through his father Mahendra Bhardwaj). Since the deal didn't materialise, Kundra is still in possession and enjoyment of 285 Bitcoins which are valued at Rs 150,47 crore.”
The ED claimed Kundra deliberately withheld wallet addresses and failed to surrender 285 bitcoins.
The ED is investigating money laundering allegations against VTPL and its directors Ajay Bhardwaj and his late brother Amit Bhardwaj. They allegedly lured investors with promises of high returns in bitcoins and cryptocurrency developed by them, collecting 80,000 bitcoins (worth Rs 6,606 crore in November 2017) through the Bhardwaj family and other MLM agents.
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Case Background
ED had in April last year attached properties, including five flats in Ocean View society, Juhu Tara road worth Rs 82 crore and a bungalow in Pune worth Rs 11 crore, which he transferred on Shetty's name.
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