Indian investigator links businessman to 285 bitcoin with fraud revenue

The Indian agency, the enforcement bureau, has submitted a claim sheet against businessman Raj Kundra, accusing him of having around 285 bitcoin, which is his criminal income. Bitcoin, the value of Rs. Indian authorities said 150.47 crore (approximately $18 million) was received from the late Crypto scam mastermind Amit Bhardwaj.

The charge sheet was submitted prior to the special prevention of the Money Laundering Law Court. Indian authorities alleged that Kundra had hidden important evidence in the case and did not abandon any digital assets related to the crime. According to the ED, Kundra owns Bitcoin and enjoys the proceeds of crime. The Indian institution also said he had carried out a deal with his wife, actress Shilpa Shetty, below market rates to obfuscate the funds he received through criminal acts.

Indian agents are billed more against businessmen than bitcoin related to crime

The money laundering incident arises from several FIRs submitted by police in Maharashtra and Delhi regions against Variable Technology Private Limited and several individuals including Amit Bardwaj, Ajay Bardwaj, Vivek Bardwaj and Mahender Bardwaj. Indian authorities claimed that the promoter had promised investors a great profit in exchange for investment in the Bitcoin mining program, but instead had been tricked.

Authorities alleged that the suspect took malicious Bitcoin and sent it to an obscure online wallet. The Indian institution claimed that Kundra received the above Bitcoin from Amit Bardwaj for establishing a Bitcoin mining farm in Ukraine. The transaction did not come to fruition, but authorities argued that Kundra still retained ownership of Bitcoin and did not transfer it so that it could be returned to those who invested in the program.

Therefore, it can be safely concluded that the agreement is actually between Raj Kundra and Amit Bhardwaj (his father, Mahender Bhardwaj). Also, the argument given by Kundra that he acted as a mere mediator is not tenable,” the chargesheet read. He did not simply act as a mediator.

Ed accused Kundra of undermining important evidence

According to the agency, since 2018, Kundra has not been able to provide 285 Bitcoin-transferred wallet addresses. He asked him to make his first statement due to damages to his iPhone X as soon as he was arrested. However, Ed said he interpreted the act as intentional, pointing out that Kundra intentionally destroyed the device as a trick to hide important evidence that was important to their investigation.

Ed also said that Kundra had a deal with his wife Shilpa Shetty and sold well below the market rate. The Indian agency also said that Kundra had sought to frustrate investigations under the PMLA by stacking the proceeds of crime and protecting them in the same way as they were uncontaminated. Chargesheet also named another businessman, Rajesh Satija, with his finger as the accused in the case.

Authorities say Kundra argued that he acted only as a mediator of the transaction but failed to provide documentation as evidence to support his claim. Instead, he noted that an agreement titled “The Terminology Sheet” was signed between him and Mahendra Baldwaj. Ed explained that Bitcoin is set to enter the mining business, and investors have pledged financial profits in cryptocurrency. However, promoters are said to have scam investors and hide illegally acquired bitcoins from different digital wallets.