Bollywood Star's Husband Accused in Bitcoin "Scam"

Raj Kundra, a businessman married to Bollywood superstar Shilpa Shetty, is facing scrutiny from Indian authorities over his alleged involvement in a Bitcoin "scam." The Enforcement Directorate (ED), India's financial crime agency, has filed charges against Kundra, alleging that he benefitted from the scheme orchestrated by the now-deceased Amit Bhardwaj.

Key Allegations

• Beneficiary, Not Just a Mediator: The ED claims Kundra received 285 Bitcoin (currently valued at over $31 million) from Amit Bhardwaj.
• Concealed Evidence: Authorities accuse Kundra of hiding his Bitcoin wallet address and failing to surrender the cryptocurrency.
• Suspicious Transaction: A transaction between Kundra and his wife, Shilpa Shetty, allegedly occurred at a significantly below-market rate to obscure the funds' origin.
• Unrealized Mining Farm: Bhardwaj reportedly gave Kundra the Bitcoin to establish a mining farm in Ukraine. The project never materialized, but Kundra retained the crypto assets.

Background

The case stems from existing FIRs against Variable Tech Private Limited and its promoters, including Bhardwaj. Despite multiple opportunities since 2018, Kundra has reportedly not disclosed the relevant crypto wallet address.

Kundra is no stranger to controversy. Before this, he was arrested for the production of adult content.

Key Takeaways

• High-profile individuals involved in crypto-related incidents continue to attract significant attention.
• Regulatory scrutiny of cryptocurrency transactions is increasing globally.
• Alleged attempts to conceal cryptocurrency holdings can result in legal action.