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 it took cognizance of the chargesheet filed by the Enforcement Directorate (ED) against Kundra. The ED had accused Kundra of possessing 285 Bitcoins, valued at over ₹150 crore, in a Ponzi scam case. The court has directed Kundra, along with Dubai-based businessman Rajesh Satija, to appear before it on January 19.
The case against Kundra and Satija is related to a Ponzi scheme, in which investors were lured into investing in a cryptocurrency scheme with promises of high returns. The ED had launched an investigation into the scam and had filed a chargesheet against Kundra and Satija, alleging that they had amassed a large number of Bitcoins through the scheme. The chargesheet alleged that Kundra and Satija had used the Bitcoins to launder money and had also used them to invest in other businesses.
The ED had accused Kundra of having 285 Bitcoins, which were valued at over ₹150 crore at the time of the investigation. The agency had alleged that Kundra had acquired the Bitcoins through the Ponzi scheme and had used them to launder money. The ED had also alleged that Kundra had used the Bitcoins to invest in other businesses, including a luxury car business.
The court’s decision to summon Kundra and Satija is a significant development in the case, as it indicates that the court has found sufficient evidence to proceed with the trial. The court’s decision is also likely to have implications for Kundra’s business and personal life, as he is a well-known figure in the Indian business and entertainment industry.
Kundra’s wife, Shilpa Shetty, has also been embroiled in the controversy, although she has not been accused of any wrongdoing. Shetty has been a prominent figure in the Indian entertainment industry and has been involved in several business ventures, including a yoga studio and a chain of spas. The couple has two children together and has been married since 2009.
The Bitcoin scam case is one of several high-profile cases that have been investigated by the ED in recent years. The agency has been cracking down on cryptocurrency scams and has filed chargesheets against several individuals and companies accused of running Ponzi schemes. The ED has also been working with other law enforcement agencies to track down individuals accused of laundering money through cryptocurrencies.
The case against Kundra and Satija is likely to be closely watched, given the high profile of the accused and the large amount of money involved. The court’s decision to summon Kundra and Satija is a significant development in the case, and it remains to be seen how the trial will proceed. The case is also likely to have implications for the wider cryptocurrency industry in India, as it highlights the risks of investing in unregulated schemes.
In recent years, there have been several cases of cryptocurrency scams in India, in which investors have been lured into investing in schemes with promises of high returns. The ED has been working to crack down on these scams and has filed chargesheets against several individuals and companies accused of running Ponzi schemes. The agency has also been working with other law enforcement agencies to track down individuals accused of laundering money through cryptocurrencies.
The Bitcoin scam case is a reminder of the risks of investing in unregulated schemes and the importance of doing thorough research before investing in any scheme. It is also a reminder of the need for greater regulation of the cryptocurrency industry in India, to prevent scams and protect investors.
In conclusion, the summoning of Raj Kundra by the court in the ₹150-crore Bitcoin scam case is a significant development in the case. The court’s decision to take cognizance of the chargesheet filed by the ED and to summon Kundra and Satija is a major step forward in the investigation. The case is likely to be closely watched, given the high profile of the accused and the large amount of money involved. The case is also likely to have implications for the wider cryptocurrency industry in India, as it highlights the risks of investing in unregulated schemes.
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