A Bollywood celebrity couple is embroiled in a $31 million Bitcoin scandal
India’s Enforcement Directorate, responsible for anti-corruption cases, has filed charges against prominent businessman Raj Kundra, husband of Bollywood star Shilpa Shetty, whose interests are also connected to the film industry.
Kundra is accused of laundering 285 BTC worth $31 million, obtained from the late businessman Amit Bhardwaj, linked to creating a cryptocurrency pyramid scheme.
Authorities claim Kundra was the beneficiary, not merely a middleman, in these Bitcoin transactions. The cryptocurrency he received was allegedly intended to fund a crypto farm in Ukraine.
During the investigation, Kundra reportedly hid evidence, such as the address of his Bitcoin wallet, and conducted a transaction with his wife Shilpa Shetty at “well below market value” to conceal the origin of the funds.
Extensive business connections
Raj Kundra, known as Shilpa Shetty’s husband, has also written film scripts, and his business ventures include financing India’s popular cricket league. He has faced prior allegations related to adult content financing.
Kundra is now implicated in one of India’s largest cryptocurrency pyramid schemes, which involved more than 8,000 investors purchasing 80,000 BTC between 2015 and 2018.
As we wrote, Ahead of the pack: Why India tops global crypto adoption index
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