Raj Kundra News: Bollywood Actress Shilpa Shetty and Husband Raj Kundra’s Assets Frozen in ₹98 Crore Money Laundering Probe Linked to Bitcoin Scam

Indian authorities have frozen assets worth ₹98 crore belonging to Bollywood actress Shilpa Shetty and her husband, Raj Kundra, as part of a money laundering investigation linked to a Bitcoin scam. The Enforcement Directorate (ED) confirmed that the seized assets include an apartment in Mumbai, a house in Pune, and several investments under Kundra’s name. The case originates from police complaints in Maharashtra and Delhi against Variable Tech Pte Ltd, whose promoters allegedly scammed investors by promising 10% monthly returns on Bitcoin investments.

The scam, which dates back to 2017, is believed to have defrauded people of nearly ₹6,600 crore. Investigators suspect the stolen Bitcoins were hidden in hard-to-trace online accounts. They also allege that Raj Kundra received 285 Bitcoins from the scam’s mastermind, Amit Bhardwaj, to set up a Bitcoin mining operation in Ukraine. These Bitcoins, now valued at over ₹150 crore, remain under scrutiny. Authorities are continuing their probe to determine Kundra’s exact involvement and trace the missing funds.

Raj Kundra News: Bollywood Actress Shilpa Shetty and Husband Raj Kundra’s Assets Frozen in ₹98 Crore Money Laundering Probe Linked to Bitcoin Scam

In a significant development, Indian authorities have temporarily frozen assets worth ₹97.79 crore (approximately ₹98 crore) belonging to Bollywood actress Shilpa Shetty and her businessman husband, Raj Kundra. This action is part of an ongoing investigation into a high-profile money laundering case linked to a cryptocurrency scam. The Enforcement Directorate (ED), the agency leading the probe, confirmed the seizure of properties, including a luxury apartment in Mumbai registered under Shilpa Shetty’s name, a bungalow in Pune owned by Raj Kundra, and several financial investments. The freeze ensures these assets remain inaccessible until the investigation concludes.

The Bitcoin Scam: A Web of Deception

The case traces back to multiple complaints filed in Maharashtra and Delhi against a Singapore-based company, Variable Tech Pte Ltd, and its key operators, the Bhardwaj family. According to authorities, the company lured investors with promises of extraordinary returns—up to 10% per month—on Bitcoin-related investments. Investors were allegedly misled into believing their funds would be used for cryptocurrency mining and trading. However, the scheme turned out to be fraudulent, with no actual returns or profits generated. Instead, the accused reportedly siphoned off an estimated ₹6,600 crore (over $800 million) from thousands of investors since 2017.

Investigators revealed that the masterminds of the scam used complex methods to conceal the stolen funds. A portion of the Bitcoins acquired through the fraud was reportedly transferred to untraceable digital wallets, making recovery efforts challenging. The ED’s probe also uncovered a network of shell companies and fake accounts used to launder money, further complicating the financial trail.

Raj Kundra’s Alleged Role in the Scam

The investigation took a dramatic turn when the ED linked Raj Kundra to the scam. Authorities allege that Amit Bhardwaj, the alleged mastermind behind Variable Tech Pte Ltd, transferred 285 Bitcoins to Kundra in 2017. These Bitcoins, valued at approximately ₹150 crore at current market rates, were purportedly sent to fund a Bitcoin mining project in Ukraine. However, officials claim there is no evidence of such a project being operational, raising suspicions that the funds were diverted for personal gain.

Bitcoin mining involves using high-powered computers to solve complex mathematical problems, validating transactions on the blockchain network, and earning cryptocurrency as a reward. Setting up such operations requires significant infrastructure and energy resources. The ED is scrutinizing whether Kundra’s purported mining venture was merely a front to legitimize the inflow of illicit funds.

Shilpa Shetty’s Connection

While Shilpa Shetty has not been directly accused of involvement in the scam, her assets, including the Mumbai apartment, were frozen due to her financial ties with Kundra. The ED’s move highlights the agency’s broader strategy of securing all properties linked to the accused, even if held by family members, to prevent asset dissipation during the probe. Shetty, a well-known actress and entrepreneur, has maintained a low profile amid the controversy, refraining from making any public statements regarding the case.

The Enforcement Directorate’s Strategy

The ED, which specializes in tackling economic crimes, has intensified its crackdown on cryptocurrency-related fraud in recent years. The agency’s actions in this case reflect a growing focus on tracing digital assets, which are often used to evade traditional financial oversight. By freezing physical assets such as real estate and financial holdings, the ED aims to pressure suspects into cooperating and recover losses for defrauded investors.

Authorities are now working with international agencies to track the movement of the stolen Bitcoins and identify offshore accounts used to park the funds. The probe has also expanded to include other individuals and entities suspected of aiding the Bhardwaj family in laundering money.

What’s Next?

As the investigation unfolds, key questions remain unanswered. The ED must establish concrete evidence linking Kundra to the scam, particularly whether he knowingly received stolen Bitcoins or was misled about their origin. Legal experts suggest that if found guilty, Kundra could face charges under the Prevention of Money Laundering Act (PMLA), which carries severe penalties, including imprisonment and asset forfeiture.

For now, the freeze on Shilpa Shetty and Raj Kundra’s assets serves as a cautionary tale for high-profile individuals involved in cryptocurrency ventures. The case also underscores the risks associated with unregulated digital asset markets, where scams can thrive due to limited oversight and the anonymity of transactions.

Investors affected by the scam await justice, hoping that the ED’s efforts will help recover their lost funds. Meanwhile, the spotlight remains on Raj Kundra, whose past legal troubles—including a 2021 arrest in a pornography case—have only intensified scrutiny of his business dealings. As the probe continues, the case could set a precedent for how India tackles cryptocurrency fraud and holds influential figures accountable.

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