Enforcement Directorate (ED) summons Raj Kundra for $300 million Bitcoin Scam in India

Enforcement Directorate (ED) summons Raj Kundra for $300 million Bitcoin Scam in India

British Indian Businessman, the husband of Bollywood actress Shilpa Shetty and the chairman of Viaan Industries Limited, Raj Kundra, has been summoned by the Enforcement Directorate (ED) at ED’s office in Mumbai, according to Media reports.

He is being questioned by ED in Mumbai in alleged connection and involvement in $300 million Bitcoin mining scam. Raj Kundra was previously linked to the IPL Betting scandal which eventually led to the ban of Rajasthan Royals team in IPL. He was involved in spot-fixing in IPL in 2013. He has a net worth of $76 million and was among the top 200 richest people in Asia by Success Magazine in 2004. It is not yet clear exactly Why Raj Kundra is being summoned for this high profile scam.

Amit Bhardwaj, the CEO of GainBitcoin (GB) Miners and the founder of Amaze Mining, is also being questioned. Reportedly, Amit Bhardwaj, along with eight other people, was arrested for the execution of the $300 million Ponzi scheme by GB Miners. They duped some residents of Chandigarh after promising them handsome returns on Bitcoin investments. After his arrest, Amit Bhardwaj has revealed information about people connected with the scam. According to the reports, Bhardwaj had set up the online company through which he lured investors by promising them handsome returns and promised 10 percent returns for investing one bitcoin but did not perform his promise. People were motivated to invest in Bitcoins through Amit Bhardwaj and he duped them after they invested. He cheated more than 8,000 investors, who invested around Rs. 2000 crores, between June 2017 and January 2018 through the Ponzi scheme.

This is to be noted that Bitcoins are not yet considered legal tender in India and are not recognized as a medium of exchange. They are legal in some countries except India. Cryptocurrencies, including Bitcoins, is a kind of unregulated virtual money that is issued by developers and controlled by them only. It is accepted by the members of the virtual community though.

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Aayushi Dhawan
Aayushi Dhawan is an avid reader, researcher, crypto writer and a passionate student. While pursuing her graduation in commerce at SRCC, she realized that writing and Finance give her immense pleasure. She is currently pursuing her post graduation in Commerce (Finance) from Department of Commerce, Delhi School of Economics and keeps on exploring the intricacies of research, her biggest strength.