Raj Kundra under ED scanner for owning 285 bitcoins worth Rs 150 crore

Shilpa Shetty's husband Raj Kundra is once again under the scrutiny of ED. This time ED has summoned him and filed a chargesheet against him. They have alleged that he is the beneficial owner of 285 Bitcoins valued at Rs 150.47 crore, obtained from the late crypto-scam mastermind Amit Bhardwaj. This case follows the ongoing scrutiny which are related to financial irregularities and previous ED investigations. It also includes the Rs 60 crore notice.

Raj Kundra under ED scanner for possessing 285 bitcoins worth Rs 150 crore

According to PTI reports, the agency stated that Raj Kundra deliberately concealed key evidence, and failed to surrender the bitcoins he received from Amit Bhardwaj. ED has submitted the chargesheet before a special court under the Prevention of Money Laundering Act (PMLA). The chargesheet have claims that Raj held a “genuine transaction" with Shilpa Shetty at a “far below market rate" to disguise the origin of the funds. The agency have also noted that Raj tried to frustrate the PMLA proceedings by layering all his bitcoins and presenting them as untainted.

According to ED, Raj received 285 Bitcoins from Amit Bhardwaj for a proposed Bitcoin mining farm in Ukraine. The project had not materialized but Raj remains in possession of the cryptocurrency. Although, he acted only as the mediator as claimed by him, ED chargesheets have provided that he was unable to present any documentation to support his claim.

The particular money laundering probe stems from FIRs filed by Maharashtra and Delhi police against Variable Tech Private Limited, Amit Bhardwaj, and other members of the Bhardwaj family. The scheme initially promised high returns but with defrauded investors. Also, many of the bitcoins were reportedly hidden in digital wallets.

ED has stated, “Thus, it can be safely concluded that the agreement was actually between Raj Kundra and Amit Bhardwaj and the argument given by Kundra that he acted as a mere mediator is not tenable."

ED chargesheet also names businessman Rajesh Satija alongside Raj Kundra in connection with the Bitcoin transactions. The investigation will continue, and the court will hear further proceedings under PMLA.

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