Bollywood actor Shilpa Shetty and her husband Raj Kundra’s assets, valued at INR 970 million, have been confiscated in connection with a Bitcoin Ponzi scheme.
India’s Enforcement Directorate (ED) has attached properties including their Juhu residential flat, registered under Shilpa Shetty’s name, a Pune bungalow, and Kundra’s equity shares. These actions are part of a probe into an alleged INR 60 billion Bitcoin Ponzi scheme.
Reports indicate that Raj Kundra is suspected of receiving 285 bitcoins, worth approximately INR 1.5 billion, from the main suspect of the scam for establishing a Bitcoin mining operation in Ukraine.
Authorities have disclosed that the Singapore-based Variable Tech Pte Ltd allegedly collected 80,000 bitcoins valued at INR 60 billion from Indian investors, promising high returns. The investors, however, never received the promised returns as the bitcoins were allegedly funnelled into foreign companies to purchase properties.
The ED’s investigation highlighted that Kundra acquired these bitcoins from Amit Bhardwaj, the orchestrator of the Gain Bitcoin Ponzi Scam, to finance a Bitcoin mining farm in Ukraine. Despite the project falling through, Kundra reportedly still holds the 285 bitcoins.
