Shilpa Shetty, Raj Kundra's assets seized in Bitcoin scam

Bollywood actor Shilpa Shetty and her husband Raj Kundra’s properties worth INR970 million were seized in a case related to Bitcoin Ponzi scheme, ARY News reported.

The Enforcement Directorate (ED) of India has attached their residential flat in Juhu in the name of Kundra’s wife Shilpa Shetty, a bungalow in Pune and his equity shares as part of its money-laundering probe related to the alleged INR60 billion Bitcoin Ponzi scheme, an Indian media outlet reported.

Shilpa Shetty’s husband Raj Kundra is suspected to have received 285 bitcoins, currently valued at around INR1.5 billion, from the prime suspect of the scam to set up a Bitcoin mining farm in Ukraine.

According to Indian authorities, Singapore-based firm Variable Tech Pte Ltd had allegedly received 80,000 bitcoins worth INR60 billion from investors across India and promised high returns.

The investors were never paid their promised returns while the collected bitcoins were diverted to several companies set up abroad to buy properties.

Read more: I was busy, didn’t know what Raj Kundra was upto: Shilpa Shetty tells police

“ED’s investigation revealed that Raj Kundra received 285 bitcoins from the mastermind and promoter of Gain Bitcoin Ponzi Scam, Amit Bhardwaj, for setting up a bit-coin mining farm in Ukraine,” the Indian authorities said. “As the deal had not materialised, Kundra is still in possession and enjoyment of the 285 bitcoins, which are presently valued at more than ₹150 crores,” the official added.

As per the scheme, the collected bitcoins were meant to be used for Bitcoin mining, with investors getting a 10% monthly return in the form of bitcoins.

However, the promoters siphoned off the bitcoins and concealed them in obscure online wallets.

It is pertinent to mention here that Shilpa Shetty and Raj Kundra, who tied the knot in 2009, share two children together, a son named Viaan, and a daughter Samisha.

Kundra, 45, has been accused of producing and distributing pornographic content. He was also arrested by Mumbai Police on July 19, 2021 on accusations of facilitating his porn business under the premise of his company Viaan Industries Ltd.