In a shocking case, the ED seizes the assets of Raj Kundra in a money laundering case including luxury cars and properties. Raj Kundra is a businessman and a part-time actor. He has been in the news for a couple of years for having links with an incident where four women complained that they had been forced to shoot adult content after being promised acting jobs in a web series. However, in the current case, Raj’s name has appeared once again and his assets worth Rs 97.79 Crore have been seized.
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ED Seizes Assets of Raj Kundra
The case is currently being investigated under the Prevention of Money Laundering Act (PMLA) by the ED (Enforcement Directorate). This case is based on multiple FIRs filed by Maharashtra Police and Delhi Police along with investors who were duped into giving money in exchange for promising returns. A company called Variable Tech Pte Ltd was set up by Simpy Bhardwaj, Nitin Gaur, Nikhil Mahajan and Raj Kundra. They took money from the gullible public and accumulated Bitcoins in a digital wallet. In fact, the ED claims that Raj Kundra still has 285 Bitcoins which are valued at a whopping Rs 150 Crore.
The ED investigation revealed that “It has been alleged that they had collected huge amounts of funds in the form of Bitcoins (worth ₹6,600 Crore in 2017 itself) from the gullible public with the false promises of 10% per month return in the form of Bitcoin. Raj Kundra received 285 Bitcoins from the mastermind and promoter of the Gain Bitcoin ponzi scam Amit Bhardwaj for setting up a Bitcoin mining farm in Ukraine. Raj Kundra received 285 Bitcoins from the mastermind and promoter of Gain Bitcoin ponzi scam Amit Bhardwaj for setting up a Bitcoin mining farm in Ukraine.”
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Author’s Note
Now, while we can’t comment on this case until the official investigation is concluded, it highlights the risks involved in running after promises of high returns. There are so many new asset classes these days that people easily fall into the trap of thinking that they can double their money overnight. That gives the miscreants a way to take advantage of the situation. That is exactly what happened here. Hopefully, after the investigation is over, the public will get its money back and the culprits will be punished as per the law.
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