What is Pune Bitcoin scam in which ED has attached Rs 98 crore properties of Raj Kundra and Shilpa Shetty

The Pune Bitcoin scam has emerged as a significant financial fraud, drawing attention as the Enforcement Directorate (ED) takes action against its key players. In a recent development, the ED has provisionally attached properties worth Rs 98 crore belonging to prominent businessman Raj Kundra and Bollywood actor Shilpa Shetty in connection to the scam. This raises questions about the extent of their involvement in the intricate web of cryptocurrency deceit orchestrated by Amit and Ajay Bharadwaj. Here’s all you need to know about the financial fraud:

ED attaches Rs 98 crore worth of Shilpa Shetty and Raj Kundra's assets in connection to a Pune Bitcoin scam involving Amit Bharadwaj and his brother Ajay.

The Pune Bitcoin scam is a fraudulent scheme orchestrated by Amit Bharadwaj and his brother Ajay Bharadwaj, involving the promotion of Variabletech Pte Ltd, a Singapore-based company. The Bharadwaj brothers collected a significant amount of Bitcoins, estimated to be worth Rs 6,600 crore, from unsuspecting investors. The scam led to multiple police cases, ultimately resulting in an investigation by the Enforcement Directorate (ED) for money laundering. Raj Kundra, husband of actor Shilpa Shetty, was also implicated in the scam for allegedly receiving 285 bitcoins. The ED provisionally attached properties worth millions of rupees belonging to Kundra and Shetty in connection to the scam.

Kundra allegedly received 285 Bitcoins sourced from the proceeds of crime collected by Amit Bhardwaj, valued at over Rs 150 crore, for setting up a Bitcoin mining farm in Ukraine.

ED provisionally attaches properties, including a bungalow in Pune and equity shares, linked to Kundra's involvement in the Bitcoin scam.

Amit and Ajay Bhardwaj promoted Variabletech Pte Ltd, luring investors with promises of high returns through cloud mining hash power, collecting Bitcoins equivalent to Rs 6,600 crore.

Amit Bhardwaj passed away in 2022, shifting the focus of investigators to his brother Ajay, who remains at large.

During a search operation, Ajay's wife, Simpy, attempted to disrupt proceedings, allowing Ajay and his father to flee their home. Simpy and others were later arrested for their involvement in the scam.

ED provisionally attaches more properties, including a Juhu flat belonging to Raj Kundra and a flat in the name of Shilpa Shetty, further implicating them in the money laundering case.

ED's investigation, based on multiple FIRs, reveals deeper involvement of Kundra and others in the Bitcoin scam, with key players still absconding.