Raj Kundra, Husband of Bollywood Actress Shilpa Shetty, Charged in $31M Bitcoin Fraud
Raj Kundra, husband of Bollywood actress Shilpa Shetty, faces ED charges in a $31M Bitcoin fraud with crypto scammer Amit Bhardwaj—full details here!
Mumbai — Raj Kundra, businessman and husband of Bollywood actress Shilpa Shetty, has been formally charged in India over a Bitcoin-related fraud worth more than $31 million. The Enforcement Directorate (ED) filed the case under the Prevention of Money Laundering Act (PMLA), citing Kundra’s role in receiving and retaining the cryptocurrency.
According to the ED, Kundra received 285 Bitcoin from Amit Bhardwaj, a late crypto entrepreneur involved in a large-scale fraud. The agency claims Kundra did not provide details of the digital wallet containing the cryptocurrency, despite multiple opportunities to disclose it since 2018.
Investigators also allege that some of these Bitcoin assets were transferred to Shilpa Shetty at values far below the market rate, which the ED says obscured the origin of the funds. The case stems from earlier complaints filed against Variable Tech Private Limited and its promoters, including Bhardwaj.
Bhardwaj had initially provided the Bitcoin to Kundra for a proposed mining operation in Ukraine. Although the project was never implemented, Kundra is accused of retaining control over the cryptocurrency.
Kundra has previously faced legal scrutiny, including an arrest related to adult content production and other financial matters. Shilpa Shetty is an internationally recognized Bollywood actress who rose to fame after winning the U.K. reality show Celebrity Big Brother in 2007.
The ED is examining all transactions linked to Kundra and assessing the flow of funds to determine potential violations of India’s money-laundering laws.
Key Points: Raj Kundra Bitcoin Case
- 1 Raj Kundra received 285 Bitcoin from Amit Bhardwaj in 2018.
- 2 The Bitcoin’s current market value exceeds $31 million.
- 3 Kundra allegedly did not disclose the cryptocurrency wallet holding the Bitcoin.
- 4 Some Bitcoin were transferred to Shilpa Shetty below market value.
- 5 The Bitcoin was intended for a mining project in Ukraine that never started.
- 6 The ED filed charges under India’s Prevention of Money Laundering Act (PMLA).
- 7 The investigation is linked to Variable Tech Private Limited and its promoters.
- 8 Amit Bhardwaj, the original scam operator, is deceased.
- 9 Raj Kundra has faced prior legal controversies, including adult content production.
- 10 Shilpa Shetty is not facing any charges but is linked to certain financial transactions.
- 11 The ED may trace undisclosed crypto assets to confirm their legal ownership.
- 12 This is one of India’s largest celebrity-linked cryptocurrency cases.
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