Businessman Raj Kundra summoned by the ED in bitcoin scam

Shilpa Shetty’s husband and businessman Raj Kundra has been summoned by the Enforcement Directorate in connection with an alleged bitcoin scam. He is presently being questioned in Mumbai at the ED’s office.

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He has been summoned by the ED for his links with fraudster Amit Bhardwaj who duped more than 8,000 people to an amount of Rs.2, 000 crore. Raj Kundra promoted a platform that was held by Bhardwaj. Bhardwaj was booked by the cyber cell of Chandigarh police and was arrested from Delhi in May in connection with a multi crore bitcoin Ponzi scheme.

He is the director of Gainbitcoin and was charged with duping three residents of Chandigarh by promising them high returns on investing in Bitcoin. Bitcoin is an unregulated digital money which is issued and controlled by the developers and is accepted in the virtual community. It is not a legal tender and is not recognized as a medium of exchange.

Bhardwaj had set up an online marketing company through which he lured investors by promising high returns to them. He promised returns as high as 10 percent for investing in bitcoin but did not keep his word. A lot of people were motivated to invest in bitcoins through Bhardwaj and once they invested, he duped them.