**Mumbai:** The Enforcement Directorate (ED) has submitted a supplementary prosecution complaint against Bollywood actress Shilpa Shetty’s husband and businessman Raj Kundra in connection with the money laundering probe related to a Rs 6,606 crore bitcoin scam involving the Delhi-based company Variabletech Pvt Ltd (VTPL).

### ED’s Allegations

The agency alleges that Kundra received 285 bitcoins worth Rs 150.47 crore in April 2024 from Amit Bharadwaj, director of VTPL, who passed away while the case was pending. The bitcoins were reportedly intended for setting up a Bitcoin mining farm in 2017. However, as the deal could not materialise, the ED claims Kundra still possesses the bitcoins, which allegedly constitute proceeds of crime.

Furthermore, the ED states that Kundra has refused to share any details regarding these transactions.

### Property Transactions Linked

In addition to the bitcoin allegations, the ED claims Kundra purchased immovable properties in Juhu and Pune using the proceeds of crime. It is also alleged that Kundra transferred these properties into the name of his wife, Shilpa Shetty, at half their market value.

The agency has filed a second supplementary prosecution complaint not only against Kundra but also against a Delhi-based businessman, Rajesh Satija, as part of its ongoing probe.

### Conflicting Versions and Investigation Details

The ED uncovered several inconsistencies in Kundra’s explanation about the receipt of bitcoins from Amit Bharadwaj. According to the prosecution complaint, Amit had transferred 285 bitcoins to Kundra for investment in a joint venture aimed at setting up a new Bitcoin mining farm in Ukraine.

In statements recorded in April and June 2018, Amit claimed that he was approached by Kundra and Shetty for this joint venture, for which they sought $2.25 million in bitcoin. Amit said he had transferred $1 million (approximately 300 bitcoins) by the end of July 2017, with the remaining amount expected after the agreement was finalized.

While Kundra admitted to receiving the funds, he claimed he was merely a mediator between his Israeli friend Shlomi Amouyal (alias Tom) and Amit. Kundra said that Amit transferred the bitcoins to Tom’s wallets, and the deal was later cancelled when Amit failed to send the remaining amount.

Amit, however, stated that he spoke to Tom, who identified himself as a tech contact for Kundra. The ED also noted that Kundra refused to provide wallet details, citing loss of information due to phone issues in 2018, during the ongoing investigation.

### ED’s Findings and Actions

The ED pointed out glaring mismatches in the versions presented by Amit and Kundra. It revealed that Kundra had sent a term sheet to Amit, which acted as an agreement but did not mention Tom. The agency rejected Kundra’s claim of being only a mediator.

According to the ED, “It is clear that the deal to establish Bitcoin mining farms was made between Kundra and Amit (through his father Mahendra Bharadwaj). Since the deal did not materialise, Kundra is still in possession and enjoyment of 285 Bitcoins valued at Rs 150.47 crore.”

The agency further alleged that Kundra deliberately withheld wallet addresses and failed to surrender the 285 bitcoins.

The ED is actively investigating money laundering allegations against VTPL and its directors, Ajay Bhardwaj and his late brother Amit Bhardwaj. They are accused of luring investors by promising high returns in bitcoins and cryptocurrency developed by them, reportedly amassing 80,000 bitcoins (worth Rs 6,606 crore in November 2017) through the Bhardwaj family and other MLM agents.

### Case Background

In April last year, ED had attached several properties linked to Kundra, including five flats in the Ocean View Society on Juhu Tara Road worth Rs 82 crore, and a bungalow in Pune valued at Rs 11 crore. These properties were transferred in Shilpa Shetty’s name.

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https://www.freepressjournal.in/mumbai/ed-files-supplementary-prosecution-complaint-against-raj-kundra-in-6606-crore-bitcoin-scam