Businessman Raj Kundra is facing charges of money laundering in a bitcoin scam as he allegedly possessed 285 bitcoins valued at ₹150.47 crore. The Enforcement Directorate has filed a chargesheet against Kundra, saying he was a beneficial owner, contradicting his claim of being just a ‘mediator’ in the transactions.
The chargesheet was recently filed before a special Prevention of Money Laundering Act (PMLA) court, news agency PTI reported.
Kundra is in possession of 285 Bitcoins that he received from late crypto-scam mastermind Amit Bhardwaj, the ED said.
The probe agency further said Kundra deliberately concealed crucial evidence, including the Bitcoin wallet addresses, and failed to surrender the Bitcoins received from Bhardwaj.
The probe agency said that Kundra continued to possess and enjoy the Bitcoins, adding that he made a “genuine transaction” with his wife, actor Shilpa Shetty, at “far below market rate” to disguise the origin of such funds obtained by commission of criminal activities.
Thus, he tried to frustrate the proceeding under PMLA by layering the proceeds of crime and projected the same as untainted, the ED said in the chargesheet.
The money-laundering case against Kundra was filed after FIRs by Maharashtra police and Delhi police against a company named Variable Tech Private Limited, late Amit Bhardwaj, Ajay Bhardwaj, Vivek Bhardwaj, Simpy Bhardwaj and Mahender Bhardwaj.
Investigations suggest that the bitcoins were supposed to be utilised for mining and investors were supposed to get huge returns in crypto assets. However, they were cheated by the promoters who have been concealing the “ill-gotten” Bitcoins in obscure online wallets.
Kundra allegedly received 285 Bitcoins from Amit Bhardwaj who is said to be the “mastermind” and promoter of Gain Bitcoin Ponzi “scam”. The amount was reportedly to be used for setting up a Bitcoin mining farm in Ukraine. However, the deal fell through and Kundra is continues to have 285 Bitcoins that are currently valued at more than ₹150 crore.
While Kundra claimed to have acted as a mediator, he hasn’t given any document to prove the claim. On the contrary, the agreement titled “Term Sheet” was signed between him and Mahendra Bhardwaj, ED said.
“Thus, it can be safely concluded that the agreement was actually between Raj Kundra and Amit Bhardwaj (his father Mahender Bhardwaj) and the argument given by Kundra that he acted as a mere mediator is not tenable,” the chargesheet said.
The fact that Kundra remembers the exact number of Bitcoins received in five specific tranches for more than seven years since the transactions took place “solidifies the fact that he was indeed the recipient of Bitcoins as a beneficial owner and not acted merely as a mediator”, the chargesheet said.
Despite multiple opportunities since 2018, Kundra has consistently failed to provide the wallet addresses where the 285 Bitcoins were transferred, the complaint said. He cited damage to his iPhone X soon after his initial statement as the reason for the missing information, which the ED viewed as a deliberate attempt to destroy evidence and conceal the proceeds of crime. Besides Kundra, the other person named in the chargesheet is businessman Rajesh Satija.
Kundra and Shilpa Shetty are facing probe in another ₹60 crore cheating case. The Economic Offence Wing has named the couple along with others in a case for allegedly duping a businessman of ₹60.4 crore in a loan-cum-investment deal related to Best Deal TV Pvt Ltd. The couple were directors of the now-defunct Best Deal TV Private Limited, a home shopping and online retail platform and are accused of defrauding a businessman of ₹60.4 crore in a loan-cum-investment deal.
(With PTI inputs)
