Daijiworld Media Network – Mumbai

Mumbai, Sep 27: The Enforcement Directorate (ED) on Friday filed a chargesheet against businessman Raj Kundra in connection with a multi-crore bitcoin scam, alleging that he remains in possession of 285 Bitcoins worth over Rs 150.47 crore.

According to the chargesheet filed before a special PMLA court, Kundra received the Bitcoins from late crypto-scam mastermind Amit Bhardwaj for setting up a mining farm in Ukraine. The deal never materialised, yet Kundra allegedly retained the cryptocurrency, which the agency termed “proceeds of crime.”

ED officials said Kundra was not just a mediator, as he claimed, but an owner and beneficiary of the transactions. The agreement, titled Term Sheet, was signed between Kundra and Mahendra Bhardwaj, father of Amit Bhardwaj, contradicting his defence. Investigators noted that Kundra’s ability to recall the exact number of Bitcoins received in five tranches over seven years “solidifies the fact that he was indeed the recipient as a beneficial owner.”

The agency accused Kundra of concealing critical evidence, including Bitcoin wallet addresses, and of failing to surrender the cryptocurrency despite repeated summons since 2018. He reportedly cited damage to his iPhone X as the reason for missing details, which the ED described as a deliberate attempt to destroy evidence.

The chargesheet also alleged that Kundra carried out a financial transaction with his actor wife Shilpa Shetty at “far below market rate” to disguise the origin of the funds and layer the proceeds of crime as legitimate.

The money-laundering case arises from FIRs registered by Maharashtra and Delhi police against Variable Tech Pvt Ltd and several individuals linked to the Gain Bitcoin Ponzi scheme, including Amit Bhardwaj and his associates.

Besides Kundra, businessman Rajesh Satija has also been named in the chargesheet.