Indian Enforcement Directorate (ED) has seized assets worth Rs 98 crore or even more in a scandal involving Bollywood actress Shilpa Shetty and her husband Raj Kundra in connection with Bitcoin money laundering. The extraction of asset collateral has frozen the ED Acting under PMLA. They include a palatial bungalow in Pune, a building in Mumbai Juhu, which is registered in Shetty’s name, and some shared type belonging by Kundra.
The direct issue is the assumption that investors’ money was embezzled through a digital currency, which is, the case of Bitcoin. The investigation of the Enforcement Directorate is connected with the First Information Reports filed by the State Police of Maharashtra and of Delhi Police regarding the international entity Variable Tech Pte Ltd and its top members and other individuals, including Amit Bhardwaj and others. The accused is believed that have made huge money, worth 6,600 Crores in the year 2017, by deceiving people into investing in Bitcoins with a guarantee to have a monthly return of 10%.
The prosecution claims that Kundra obtained 285 Bitcoins from Amit Bhardwaj through bribe for executing the Bitcoin mining farm project in Ukraine which is alleged to be a scam set up by Amit Bhardwaj. Kundra also owns this 150 crore worth of Bitcoins which he is still holding.
The ED provisional attachments order, which has blocked the assets pending the ongoing inquiry into possible money laundering contraries concerning digital currencies, serves this objective as those assets remain frozen until the investigation is completed.
