Businessman Raj Kundra, whose assets were confiscated by the Enforcement Directorate (ED) last night for ₹ 97.79 crore as part of an investigation into a Bitcoin ponzi scheme, posted a mysterious message late last night about maintaining composure.
The husband of Bollywood star Shilpa Shetty, Mr. Kundra, posted a picture of a roaring lion on Instagram Stories along with the caption: “Learning to stay calm when you feel disrespected is a different type of growth.”
Among the properties taken from them are equity interests belonging to Mr. Kundra, a residential home in Pune, and a residential unit in Juhu registered in Shilpa Shetty’s name.
The pair has denied having anything to do with the case. Their attorney stated in a statement yesterday that they believe a fair inquiry will be conducted and that there is no evidence against them.
“There is no prima facie case made out against my clients Mr Raj Kundra and Mrs Shilpa Shetty Kundra. I believe when we make our fair representation before the Honourable Enforcement Directorate, even the investigation agencies may grant justice to us. We have faith in the fair investigation,” Prashant Patil, their attorney, stated.
A Ponzi scheme is a type of investment fraud in which investors are seduced with claims of enormous returns at negligible or no risk. Rather than putting the money to use, the con artists use it to entice new investors and reimburse the original ones with the money from the more recent ones.
The current investigation concerns claims that Mr. Kundra got 285 bitcoins from the Ponzi scheme’s creator, which he planned to utilize to start a Bitcoin mining farm in Ukraine. But the deal fell through, leaving Mr. Kundra with almost ₹150 crore worth of Bitcoins.
Mr. Kundra has previously been the subject of a police investigation. He was taken into custody in 2021 in connection with the creation and dissemination of pornographic videos. He was later granted bail by the Supreme Court.