Raj Kundra summoned by court in ₹150-crore Bitcoin scam case
In a significant development, a special court has summoned businessman Raj Kundra, the husband of Bollywood actress Shilpa Shetty, in connection with a ₹150-crore Bitcoin scam case. The court’s decision comes after taking cognizance of the chargesheet filed against Kundra by the Enforcement Directorate (ED). The ED had accused Kundra of having 285 Bitcoins worth over ₹150 crore in a Ponzi scam case, and the court has now asked him to appear before it on January 19.
The case against Kundra and other accused, including Dubai-based businessman Rajesh Satija, pertains to a Ponzi scheme that allegedly duped several investors of their hard-earned money. The ED had filed a chargesheet against Kundra and others under the Prevention of Money Laundering Act (PMLA), alleging that they had used the Bitcoins to launder money and fund their lavish lifestyle.
According to the ED, Kundra had invested in a company called HPZ Token, which was allegedly a Ponzi scheme. The company had promised investors high returns on their investments, but it turned out to be a scam. The ED alleged that Kundra had used his influence and connections to promote the company and lure investors into investing in it.
The ED’s investigation into the case revealed that Kundra had 285 Bitcoins worth over ₹150 crore, which he had allegedly acquired through the Ponzi scheme. The agency also alleged that Kundra had used the Bitcoins to buy luxury cars, jewelry, and other high-end items.
The court’s decision to summon Kundra is a significant development in the case, as it indicates that the ED has sufficient evidence to proceed against him. The court has also asked Satija, who is currently based in Dubai, to appear before it on January 19.
The ₹150-crore Bitcoin scam case has been making headlines for several months now, with several high-profile individuals being accused of involvement in the scam. The case has also raised questions about the regulation of cryptocurrencies in India and the need for stricter laws to prevent such scams.
The ED’s investigation into the case is ongoing, and the agency is expected to file additional chargesheets against other accused in the coming weeks. The case is being closely watched by the financial community, as it has significant implications for the regulation of cryptocurrencies in India.
In recent years, cryptocurrencies such as Bitcoin have gained popularity in India, with several investors putting their money into these digital assets. However, the lack of regulation and oversight has made it easier for scammers to operate in the space, duping investors of their hard-earned money.
The government has been taking steps to regulate cryptocurrencies, with the Finance Ministry setting up a panel to study the issue and recommend measures to prevent such scams. The panel’s report is expected to be submitted soon, and it is likely to recommend stricter laws and regulations to govern the cryptocurrency space.
In the meantime, the court’s decision to summon Kundra is a significant development in the ₹150-crore Bitcoin scam case. The case is expected to be closely watched in the coming weeks, as it has significant implications for the regulation of cryptocurrencies in India.
Conclusion
The ₹150-crore Bitcoin scam case is a significant development in the financial community, with several high-profile individuals being accused of involvement in the scam. The court’s decision to summon Raj Kundra is a significant development in the case, as it indicates that the ED has sufficient evidence to proceed against him. The case has significant implications for the regulation of cryptocurrencies in India, and it is likely to be closely watched in the coming weeks.
About the Author
