The Indian Enforcement Directorate (ED) is currently probing businessman Raj Kundra for his involvement in an alleged $800 million cryptocurrency scam. Assets have been confiscated, and there are indications of his connection to a defunct Bitcoin mining enterprise.
The Enforcement Directorate (ED) is currently investigating businessman Raj Kundra, who is married to Bollywood actress Shilpa Shetty, for possible involvement in a money laundering case related to the cryptocurrency scam named ‘Gain Bitcoin.’ It’s important to note that Raj Kundra is not considered the primary suspect in this ongoing investigation.
During the current investigation, the Enforcement Directorate has seized approximately $12 million worth of assets, among which is a Mumbai apartment belonging to Shilpa Shetty.
In 2017, Ajay Bhardwaj and Mahendwaj founded ‘Gain Bitcoin’. They advertised an attractive monthly return of 10% for investors, all in the digital currency of Bitcoin. Consequently, they attracted approximately $800 million worth of investments.
At first, the program gave rewards to early backers by utilizing funds from newer investors. But when it grew difficult to attract new investors, the payouts came to a halt. The administrators subsequently transformed the leftover funds into Bitcoins and concealed them in untraceable digital wallets.
According to recent investigations, Amit Bhardwaj, the mastermind behind a Bitcoin mining project in Ukraine, allegedly transferred 285 Bitcoins, currently valued over $18 million, to Kundra. However, it appears that the Bitcoin mining project never came to fruition, and it’s believed that Kundra still possesses these digital assets.
Kundra and Shetty have stated that they have no connection to the scheme and are optimistic that they will be found innocent when the investigation is over.
As regulatory crackdowns on cryptocurrency misconduct heighten in India, the appearance of the “Gain Bitcoin” scam comes to light.
Recently, the Enforcement Directorate intensified its investigations and filed a charge sheet against 299 suspects in connection with alleged money laundering activities under India’s tough anti-money laundering laws. This move came after a string of fraud cases involving crypto mining ventures that deceived unsuspecting investors.
In addition, the cryptocurrency fraud scene in India is undergoing changes, featuring a fresh trend among swindlers. Lately, there has been an increase in scams where con artists pretend to be employment recruiters. These deceitful individuals lure innocent job applicants with promises of roles dealing with cryptocurrencies or related initiatives. However, once the unsuspecting victims are hooked, they are swindled instead.
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2024-04-19 16:24