Raj Kundra, the businessman and husband of Bollywood actor Shilpa Shetty has been in the news recently for a bitcoin scam wherein the Enforcement Directorate has seized properties worth ₹ 97.79 crore including a Mumbai flat registered in Shilpa Shetty’s name.
The case is an ensuing one from 2017 related to the brother duo Ajay Bhardwaj and Mahendra Bhardwaj’s ‘Gain Bitcoin’ investment scheme.
Bitcoin Scam Case
Ajay Bhardwaj and Mahendra Bhardwaj, are the main accused in the bitcoin ponzi scheme where they launched a scheme asking investors for money and promising a return of 10% per month in the form of bitcoins.
They told these investors they’d use their money to mine bitcoins and assured instant and grand rewards. While they paid investors initially, soon they stopped and bought bitcoins with the rest of the investment which they then hid in untraceable online wallets.
Reports revealed that the amount invested was around Rs. 6,600 crore in 2017 and as per the ED Raj Kundra had received 285 Bitcoins from Amit Bhardwaj for setting up a Bitcoin mining farm in Ukraine. Kundra still reportedly owns those Bitcoins that are said to be valued at around Rs. 150 crore.
This is not the first time that Kundra was involved in this particular case. In June of 2018, ED brought in Raj Kundra for questioning in relation to this very case and asked about his involvement in the trade.
Read More: How Did Two Gujarat College Dropouts Make Rs 60 Crore In 90 Days?
Porn Allegations
The porn allegations are one of Kundra’s biggest scandals, when in June 2021 he was arrested by the Mumbai crime branch under allegations of being involved in creating and publishing pornographic films.
Raj Kundra was booked under sections 420 (cheating), 34 (common intention), 292 and 293 (related to obscene and indecent advertisements and displays) of the Indian Penal Code (IPC), and relevant sections of the IT Act and the Indecent Representation of Women (Prohibition) Act with the police finding incriminating evidence in his links and WhatsApp chats.
According to reports, four women had complained about how they were forced to shoot pornographic content after being lured in with a web series acting role. He was eventually released from Arthur Road jail in September 2021.
Poker Venture
In 2016, Raj Kundra was embroiled in another controversy in relation to his and Shilpa Shetty’s online poker business launched by their joint company Satyug Gold Pvt Ltd.
The platform boasted having big names such as Shilpa Shetty, Harman Baweja, Shahid Kapoor, Rohan Gavaskar, Raj Kundra, Minisha Lamba and the late Australian spinner Shane Warne being on it and that users would have a chance to play with them according to reports.
However, Kundra had to abandon the business after Shane Warne and Shahid Kapoor publicly stated they had no involvement in this venture.
IPl Ban
In 2013, Raj Kundra who co-owns the Indian Premier League (IPL) cricket team Rajasthan Royals with his wife Shilpa Shetty, was questioned by the Delhi Polie about betting on cricket matches, during which Kundra admitted that he had placed bets in cricket matches and would do it through a bookie or his business partner-friend Umesh Goenka.
His passport was confiscated while the police were also investigating the IPL spot-fixing scandal, the Supreme Court not only suspended Rajasthan Royals for two years from the league but also put a lifetime ban on Kundra from any cricketing activity as per reports.
Image Credits: Google Images
Feature image designed by Saudamini Seth
Sources: The Economic Times, Livemint, The Indian Express
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