Raj Kundra Accused of Holding 285 Bitcoins from Crypto Scam
The post Raj Kundra Accused of Holding 285 Bitcoins from Crypto Scam appeared on BitcoinEthereumNews.com. Businessman Raj Kundra charged with holding $31M in Bitcoins linked to late crypto scammer Amit Bhardwaj, says Enforcement Directorate. India’s Enforcement Directorate (ED) has filed a chargesheet against businessman Raj Kundra, accusing him of holding 285 Bitcoins worth ₹150 crore ($31 million). The digital assets were allegedly received from GainBitcoin founder Amit Bhardwaj who masterminded one of India’s largest Ponzi schemes in the crypto space. Authorities say Kundra was hiding vital evidence and not surrendering the Bitcoins despite repeated notices. ED Alleges Concealment and Money Laundering in Bitcoin Holdings According to the chargesheet filed in a special court under the Prevention of Money Laundering Act (PMLA), the Bitcoins were given to Kundra to set up a mining operation in Ukraine. The deal, however, never materialized and investigators allege that he kept the cryptocurrency for his own benefit. The ED alleges that Kundra hid wallet addresses. Moreover, he made transactions with his wife, actor Shilpa Shetty. As a result, he obscured the true source of the money. Related Reading: Massive Crypto Scam Triggers Rs 42.8 Crore Asset Freeze in India | Live Bitcoin News The Raj Kundra Bitcoin case is directly linked to the GainBitcoin Ponzi network which swindled over 8000 investors. Between 2015 and 2018 victims were promised lucrative returns, but over 80,000 Bitcoins were siphoned off. Bhardwaj, who died in 2019, left behind a complicated web of fraudulent transactions that enforcement agencies are still untangling. Kundra, according to investigators, was not a between man but a beneficiary in the first place. Raj Kundra Crypto Scam Seen as Warning for India’s Crypto Market The ED’s findings have heightened concerns about the effect of cases of high-profile fraud on investor sentiment. Analysts say Raj Kundra’s Bitcoin case highlights systemic flaws in tracking big crypto transactions in India. With the alleged hiding…
The post Raj Kundra Accused of Holding 285 Bitcoins from Crypto Scam appeared on BitcoinEthereumNews.com.
Businessman Raj Kundra charged with holding $31M in Bitcoins linked to late crypto scammer Amit Bhardwaj, says Enforcement Directorate. India’s Enforcement Directorate (ED) has filed a chargesheet against businessman Raj Kundra, accusing him of holding 285 Bitcoins worth ₹150 crore ($31 million). The digital assets were allegedly received from GainBitcoin founder Amit Bhardwaj who masterminded one of India’s largest Ponzi schemes in the crypto space. Authorities say Kundra was hiding vital evidence and not surrendering the Bitcoins despite repeated notices. ED Alleges Concealment and Money Laundering in Bitcoin Holdings According to the chargesheet filed in a special court under the Prevention of Money Laundering Act (PMLA), the Bitcoins were given to Kundra to set up a mining operation in Ukraine. The deal, however, never materialized and investigators allege that he kept the cryptocurrency for his own benefit. The ED alleges that Kundra hid wallet addresses. Moreover, he made transactions with his wife, actor Shilpa Shetty. As a result, he obscured the true source of the money. Related Reading: Massive Crypto Scam Triggers Rs 42.8 Crore Asset Freeze in India | Live Bitcoin News The Raj Kundra Bitcoin case is directly linked to the GainBitcoin Ponzi network which swindled over 8000 investors. Between 2015 and 2018 victims were promised lucrative returns, but over 80,000 Bitcoins were siphoned off. Bhardwaj, who died in 2019, left behind a complicated web of fraudulent transactions that enforcement agencies are still untangling. Kundra, according to investigators, was not a between man but a beneficiary in the first place. Raj Kundra Crypto Scam Seen as Warning for India’s Crypto Market The ED’s findings have heightened concerns about the effect of cases of high-profile fraud on investor sentiment. Analysts say Raj Kundra’s Bitcoin case highlights systemic flaws in tracking big crypto transactions in India. With the alleged hiding…
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