Shilpa Shetty's Husband Raj Kundra's Properties Worth Rs 98 Crore Seized By ED In Bitcoin Ponzi Scam
Raj Kundra, businessman and husband of Bollywood actress Shilpa Shetty, has found himself in trouble again as the Enforcement Directorate (ED) has seized his properties worth Rs 97.79 Crore in a probe linked to a Bitcoin Ponzi scam.?
Raj Kundra Properties Worth Rs 98 Crore Seized By ED?
What is a Ponzi scheme??
For the uninitiated, a Ponzi scheme is a type of investment scam where returns are paid to earlier investors using the capital provided by newer investors, rather than from legitimate profits earned by the operation of a business. The scheme leads investors to believe that profits are coming from legitimate business activities. However, in reality, they are simply being paid out of the principal investments of newer investors. As the scheme requires a constant influx of new investors to sustain itself, it eventually collapses when it becomes impossible to recruit enough new investors to pay returns to earlier ones. Named after Charles Ponzi, who became infamous for using such a scheme in the early 20th century, Ponzi schemes are illegal in most jurisdictions and can result in severe penalties for those who orchestrate them.
Bitcoin Ponzi scam: How mastermind Amit Bhardwaj and Raj Kundra were involved
The ED was probing the case after multiple FIRs were filed by Maharashtra and Delhi Police against?Variable Tech Private Limited, late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj, Mahender Bhardwaj among others when Raj Kundra's name cropped up.?
Also read: Shubman Gill's Reaction On Spotting Ana De Armas' Lookalike During IPL 2024 Is Now A Viral Meme
It is said that Amit Bhardwaj was the mastermind behind the Gain Bitcoin Ponzi scheme. The accused reportedly collected Rs 6,600 Crore in Bitcoins in 2017 by deceiving his investors. He promised them a monthly return of 10 percent through Bitcoin investments. During the investigation, the ED found out that Raj Kundra had received 285 Bitcoins from Amit Bhardwaj.
Also read:?Diljit Dosanjh Touches AR Rahman's Feet; Tears Up As Imtiaz Ali Praises Him For Amar Singh Chamkila
Shubhman Gill's reaction to
The Bitcoins were supposed to be used for setting up a Bitcoin mining farm in Ukraine, but the plan fell through, leaving Raj Kundra with the Bitcoins, which are now worth over Rs 150 Crore. The attached properties comprise a residential flat in Juhu, currently under actress Shilpa Shetty's name, a residential bungalow in Pune, and equity shares owned by Raj Kundra.??
For more news and updates from the world of??OTT, and?celebrities?from?Bollywood?and?Hollywood, keep reading?Indiatimes Entertainment.
