There are few instances of the case that are linked to Kundra and hence, he has been asked to record his statement
Enforcement Directorate officials on Tuesday questioned Raj Kundra, the husband of actor Shilpa Shetty, for eight hours in connection with a money laundering probe related to a bitcoin scam. Officials said the name of the businessman cropped up during their probe into the Gain Bitcoin fraud case.
“Kundra was called to the ED office and asked about his involvement in the trade, termed illegal by the government. There are few instances of the case that are linked to Kundra and hence, he has been asked to record his statement,” the ED official claimed without divulging the exact nature of the questioning.
Kundra denied the allegations. He said he appeared before the ED as witness.
The Gain cryptocurrency con was busted after the Pune police arrested Amit Bhardwaj and his brother. ED says they duped over 8,000 people of Rs 2,000 crore by promising high returns. In April, ED registered a case against Gain Bitcoin and other entities for money laundering.
“I was summoned by the Enforcement Directorate merely as a witness,” Kundra said. An inquiry is underway and I am cooperating with the law enforcement agency as Amit Bhardwaj is an acquaintance and protocol is being followed.”
The businessman added, “Bharadwaj was to buy a team in poker league and had got into a contract with us and I have come as a witness to the same.” Kundra owns Match India Poker LeagueMatch Poker league where number of city teams have play for the title.
Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Ever since it gained popularity, several cryptocurrencies have been launched. Many of them have been found to be Ponzi schemes.
Recently, the Income Tax Department had sent notices to those dealing in bitcoins worth Rs 1 crore or more daily. These names were also forwarded to the ED and a probe into possible money laundering and fraud was initiated. It is learnt that many well-known names – especially those of Bollywood celebrities – may come up during investigations.
Last year, Finance Minister Arun Jaitley had informed Parliament that there were no regulations governing virtual currencies in India and the Reserve Bank of India had not given any licence to any company to operate such currencies. The government has also cautioned citizens to be wary of cryptocurrencies, saying they do have no legal tender and protection.
While the nature of Kundra’s questioning is not yet clear, he is not new to controversies. Kundra was previously embroiled in an IPL betting scandal and was banned from cricket-related activities for life. Rajasthan Royals, a franchise he co-owns, was also banned for two years and made a comeback in the recently concluded IPL season.
Ponzi Scheme In The Guise Of Crypto
- Bitcoin is a digital currency type that uses encryption techniques to verify fund transfers
- ED says Gain Bitcoin promoters lured investors with promise of high returns
- It didn’t elaborate on Kundra’s role, but Kundra said he deposed as a witness
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 "Raj Kundra")
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