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Tuesday, May 28, 2024

Businessman Raj Kundra’s Cryptic Post After Assets Worth Crores Seized

Businessman Raj Kundra shared a cryptic post about staying calm late last night after the Enforcement Directorate (ED) seized his assets worth ₹ 97.79 crore in a probe linked to a Bitcoin ponzi scam.

Mr Kundra, the husband of Bollywood actor Shilpa Shetty, shared the photo of a roaring lion on Instagram Stories with a text on it reading: “Learning to stay calm when you feel disrespected is a different type of growth.”

The assets seized from them include a residential flat in Juhu, which is registered in Shilpa Shetty’s name, a residential bungalow in Pune, and equity shares of Mr Kundra.

The couple have denied any involvement in the case. In a statement yesterday, their lawyer said no case is made out against them and they have faith in a fair investigation.

“There is no prima facie case made out against my clients Mr Raj Kundra and Mrs Shilpa Shetty Kundra. I believe when we make our fair representation before the Honourable Enforcement Directorate, even the investigation agencies may grant justice to us. We have faith in the fair investigation,” said their lawyer Prashant Patil.

A Ponzi scheme is an investment fraud where investors are lured with promises of huge profits at little or no risk. But instead of investing the money, the conmen try to lure more investors and pay initial investors with funds from the recent ones.

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The latest probe pertains to allegations that Mr Kundra had received 285 bitcoins from the mastermind behind the Ponzi scheme, which he intended to use to establish a Bitcoin mining farm in Ukraine. However, the deal did not materialize and left Mr Kundra with Bitcoins worth over ₹ 150 crore.

This is not the first time Mr Kundra is facing a police probe. In 2021, he was arrested in a case involving the production and distribution of pornographic films. The Supreme Court later granted him bail.

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(Source: NDTV)

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