The Enforcement Directorate's Mumbai office has taken action against businessman Raj Kundra by freezing assets worth approximately $11 million (Rs. 97.79 crore) under the Prevention of Money Laundering Act (PMLA), 2002.

The assets frozen include a luxurious residential flat in Juhu, a bungalow in Pune, and equity shares owned by Kundra. The flat is notably named after the famous actress Shilpa Shetty.

Kundra is accused of collecting a massive amount of $792 million (Rs. 6600 crores) in Bitcoins from innocent individuals by promising a 10% monthly return. This is said to be part of a Bitcoin scam involving the company Variable Tech Pte Ltd and individuals like Amit Bhardwaj.

The Enforcement Directorate's investigation has linked Raj Kundra to the Gain Bitcoin Ponzi Scam. It is alleged that Kundra received 285 bitcoins from Amit Bhardwaj for a bitcoin mining farm project in Ukraine. These bitcoins, valued at over Rs. 150 crore, were reportedly obtained from investors through illicit means.

Despite the arrest of individuals such as Simpy Bhardwaj, Nitin Gaur, and Nikhil Mahajan, key figures like Ajay Bhardwaj and Mahendra Bhardwaj remain at large. The ED had previously seized properties worth Rs. 69 crore in connection with the case. Legal proceedings have been ongoing since 2019, with a recent supplementary complaint filed in February 2024.

The investigation continues as the authorities intensify their search for those responsible for the scam, uncovering the complex web of cryptocurrency fraud and its real-world consequences.