ED Summons Raj Kundra In Bitcoin Scam Case: Latest Update

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ED Summons Raj Kundra In Bitcoin Scam Case

ED Summons Raj Kundra In Bitcoin Scam Case
ED Summons Raj Kundra In Bitcoin Scam Case

Shilpa Shetty’s Husband Raj Kundra Questioned in Alleged Bitcoin Scam

Businessman Raj Kundra, husband of Bollywood actress Shilpa Shetty, was once in the news for a reason unrelated to glitz and glamour. In 2018, he was summoned by the Enforcement Directorate (ED) in connection with a high-profile Bitcoin scam case.

What is the scam about?

The case involved an alleged Ponzi scheme run by Amit Bhardwaj, who promised investors high returns on their Bitcoin investments through his company GainBitcoin. However, investigators believe Bhardwaj used the money for personal gain rather than actual Bitcoin trading.

Why was Raj Kundra involved?

Reports suggested Kundra was called in for questioning to understand his role in the scheme. Some sources claimed he was simply a witness, while others hinted at a possible promotional role for Bhardwaj’s venture.

What happened next?

Kundra maintained he was not involved in the scam and was just cooperating with the investigation. The ED’s investigation continued, culminating in them attaching properties linked to Kundra in 2023, alleging they were purchased with proceeds from the scam.

What can we learn from this?

This case highlights the importance of caution when investing in any scheme, especially those promising high returns with little risk. It’s crucial to research any investment opportunity thoroughly before committing your hard-earned money.

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Who Is Raj Kundra?

Raj Kundra is a British businessman with a background in various ventures and a more recent brush with controversy.

ED Summons Raj Kundra In Bitcoin Scam Case
ED Summons Raj Kundra In Bitcoin Scam Case

The Businessman

  • Born in London (1975), Kundra is a self-made entrepreneur.
  • His investments span across different sectors, including cricket (formerly co-owned the Rajasthan Royals) and mixed martial arts.
  • He’s the current director and CEO of UK-based firm, London-based UK Tradescorp Ltd.

Married to Bollywood Royalty

  • Kundra is married to Shilpa Shetty, a well-known Bollywood actress, since 2009.

Controversial Chapter

  • In 2021, Kundra was arrested on charges of producing and distributing pornography. This case is still ongoing.
  • He was also linked to a Bitcoin scam investigation by the Enforcement Directorate (ED) in 2018. While properties were seized in 2023, Kundra maintains his innocence.

Raj Kundra mask reason?

Raj Kundra started wearing a mask in public in late 2021 after his arrest for allegedly producing and distributing pornographic content. He donned a distinctive, large mask that often resembled a helmet.

ED Summons Raj Kundra In Bitcoin Scam Case
ED Summons Raj Kundra In Bitcoin Scam Case

He finally removed the mask in October 2023 at the trailer launch of his film “UT 69,” which was reportedly based on his own experiences. During the event, he explained his reason for wearing the mask for so long

  • Media Trial Pain: Kundra claimed the intense media scrutiny surrounding the case caused him a lot of emotional distress. He said he wore the mask to avoid being photographed and constantly hounded by the media.
  • Protecting his Family: Kundra expressed hurt over the media dragging his wife, Shilpa Shetty, and their children into the controversy. He wore the mask partly to shield his family from further public attention.

Raj Kundra Net Worth?

Determining Raj Kundra’s exact net worth is tricky due to a few reasons

  • Legal Issues: The ongoing investigations and asset attachments by the ED make it difficult to pinpoint a definitive figure.
  • Varying Reports: Media sources often publish estimates, and these can range significantly.

However, here’s what we can gather

  • Previously Reported Net Worth: Before the controversies, reports estimated his net worth around ₹2800 Crore (roughly $400 million USD) in 2021.
  • Current Status: Considering the recent asset seizures, his net worth is likely lower than previously reported figures

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