During the investigation of the Gain Bitcoin case, detectives identified entrepreneur Raj Kundra, the husband of Bollywood superstar Shilpa Shetty. However, police clarified that he is not the primary suspect in the case. Nonetheless, his assets, including a residential property in Mumbai registered under his wife’s name, have been seized.
The Gain Bitcoin project was established back in 2017, with Ajay Bhardwaj and Mahendra Bhardwaj as its masterminds. These individuals promised investors a monthly return of 10% in Bitcoin based on their invested capital. In total, the creators of Gain Bitcoin managed to raise an astounding $800 million. Law enforcement officials revealed that the funds collected from new participants were utilized to make payments to early investors. However, when new user investments dried up, payments ceased, prompting the organizers to convert the remaining funds into bitcoins and store them in anonymous digital wallets.
Prosecutors claim that Kundra received 285 bitcoins from Amit Bhardwaj, which are now valued at more than $18 million. These coins were intended for the establishment of a mining farm in Ukraine, although this plan never came to fruition, leaving Kundra in possession of the bitcoins. Both Mr. and Mrs. Kundra vehemently deny any involvement in this fraudulent scheme.
Earlier this year, the Indian authorities arrested foreigners responsible for creating a deceitful India SEBI app designed for investing in cryptocurrencies. These criminals managed to swindle local citizens out of a significant sum of $1.8 million.