The Enforcement Directorate (ED) has filed a chargesheet against businessman Raj Kundra, alleging that he is the real owner of 285 Bitcoins worth ₹150.47 crore (about $18 million), which he received from late crypto scam mastermind Amit Bhardwaj, in connection with a major Bitcoin money laundering case.
The chargesheet, filed before a special Prevention of Money Laundering Act (PMLA) court, accuses Kundra of concealing evidence, withholding information, and attempting to disguise proceeds of crime as legitimate funds.
ED: Kundra Was Beneficial Owner, Not a Mediator
According to the chargesheet, Kundra’s claim that he acted merely as a mediator in the transaction is “not tenable.” The ED said the agreement titled “Term Sheet” was signed between Kundra and Mahender Bhardwaj, father of Amit Bhardwaj, which establishes that Kundra was directly involved and not just a facilitator.
The agency pointed out that Kundra clearly remembers receiving the 285 Bitcoins in five separate tranches, even after more than seven years, strengthening its argument that he was indeed the beneficial owner of the digital assets.
285 Bitcoins From Ponzi Scam Mastermind
The money laundering case goes back to multiple FIRs filed by the Maharashtra and Delhi Police against Variable Tech Private Limited, Amit Bhardwaj, and his family members — Ajay, Vivek, Simpy, and Mahender Bhardwaj. They’re accused of running the Gain Bitcoin Ponzi scheme, which drew in investors by promising massive returns from Bitcoin mining but ultimately cheated them.
The ED said the 285 Bitcoins Kundra received were intended for setting up a Bitcoin mining farm in Ukraine. However, the deal never materialised, and Kundra continued to hold the Bitcoins, which today are worth over ₹150 crore.
The agency also alleged that instead of surrendering these Bitcoins, Kundra concealed key evidence, including wallet addresses, and did not cooperate with the investigation despite multiple opportunities since 2018.
Evidence Concealment and Dealings With Shilpa Shetty
The chargesheet also accuses Raj Kundra of trying to hide key evidence. He told investigators that his iPhone X, which contained key wallet details, was damaged soon after his initial statement. The ED believes this was a deliberate attempt to hide the proceeds of crime.
In addition, the agency said Kundra carried out a “genuine transaction” with his actor wife Shilpa Shetty at a price “far below market rate” to disguise the origin of funds obtained through criminal activities. The ED argues that this was part of a larger attempt to layer the proceeds of crime and present them as untainted assets.
Case Linked to Gain Bitcoin Scam
The Gain Bitcoin scam, run by Amit Bhardwaj, was one of India’s largest crypto frauds. Investors were lured with promises of huge profits from Bitcoin mining, but in the end, they were duped. The ill-gotten Bitcoins were allegedly hidden in obscure wallets, and Kundra’s involvement is now a crucial part of the ongoing investigation.
Apart from Kundra, businessman Rajesh Satija has also been named in the chargesheet. The ED maintains that Kundra’s actions, from withholding wallet addresses to structuring transactions, were aimed at frustrating legal proceedings under PMLA.
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