New Delhi: The Enforcement Directorate (ED) has filed a chargesheet against businessman Raj Kundra, husband of actor Shilpa Shetty, in connection with a Rs 150.47 crore bitcoin-related money laundering case. The agency alleged that Kundra held 285 bitcoins obtained from the late crypto scam operator Amit Bhardwaj, and concealed critical evidence including wallet addresses while refusing to surrender the assets.
The chargesheet, filed before a special court under the Prevention of Money Laundering Act, claimed that Kundra described himself as a mediator, but documents including a “Term Sheet” agreement showed a direct transactional relationship with Bhardwaj and his associates, establishing him as the beneficial owner. The ED pointed out that Kundra remembered the exact number of bitcoins he received in five tranches over more than seven years, which it argued was possible only if he had retained ownership.
Investigators also alleged that Kundra layered the proceeds of crime by transferring bitcoins to his wife Shilpa Shetty at prices “far below market value” in order to mask their origin. The agency accused him of non-cooperation and stated that he tried to justify the absence of crucial evidence by claiming his iPhone X was damaged soon after his initial statements, which the ED said was a deliberate attempt to conceal or destroy records. Along with Kundra, another individual, Rajesh Satija, has also been named in the chargesheet.
The case stems from FIRs filed by Maharashtra Police and Delhi Police against Variable Tech Private Limited and members of the Bhardwaj family — Amit, Ajay, Vivek, Simpy and Mahender — who allegedly ran a large-scale cryptocurrency scam by luring investors with promises of high returns. The bitcoins, which were initially intended to be used for mining operations including a proposed farm in Ukraine, never materialised as the deal collapsed, leaving the assets in control of the promoters and intermediaries.
Kundra and Shetty are also facing scrutiny in a separate Rs 60.4 crore “loan-cum-investment” cheating case involving Best Deal TV Private Limited, a defunct home shopping and online retail firm, where the Economic Offences Wing has accused them and others of defrauding a businessman.
