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$300 million Bitcoin Scam from India by Raj Kundra, Shilpa Shetty a Bollywood actress’ husband

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Bitcoin Scam from India
Source: Wikimedia Commons

Raj Kundra, a well-known British-Indian businessman and the Chairman of Viaan Industries Ltd. is being interrogated by the Enforcement Directorate [ED] for an alleged involvement in INR 2000 crore Bitcoin mining scam along with Amit Bhardwaj according to a local newspaper.

Raj Kunder is a well-known person in India for being the husband of one of the top actresses in Bollywood, Shilpa Shetty. Raj Kundra has been associated with Amit Bharadwaj, the Founder of Amaze Mining and Research Limited and the CEO of GainBitcoin [GB] Miners.

Amit Bharadwaj was arrested along with eight other people because of the $300 million Ponzi scheme executed by GB miners. Ever since his arrest, Amit Bharadwaj has given information about people involved in the Bitcoin scam to the police.

This is not the first time Raj Kunder is being associated with a scam. He has been previously linked to the IPL betting scam which eventually led to his ban. In addition to this, Raj Kunder and his wife, Shilpa Shetty had an FIR filed against them by the Maharastra police for dupping a Textile firm owner from Bhiwandi.

Raj Kundra has a net worth of $76 million and was listed in the Top 200 richest people in Asia in 2004 by Success Magazine in “Top Richest British Asians”. He owns Rajasthan Royals an IPL cricket team and was also involved in spot-fixing in the 2013 IPL (Indian Premier League).

Predict, a Twitterati says:



“Bitcoin Raj kundra became rajkubera by not only bitcoin also online betting and gaming. Now ed probing”

Geetika Swami, another Twitterati says:

“Hope Shilpa shetty no more so excited over Raj Kundra’s #Bitcoin venture :)”

Mitra Goshi, a crypto-believer says:

“Raj Kundra’s links with a scamster like Amit Bharadwaj. Not surprised. And people like these have made Bitcoin a bad name.”





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Andrea Pierre Jackson is a contributing News writer at AMBCrypto from December 2017. She has previous writing experience with major publishing houses in the UK and the US. Andrea currently does not hold any position in any cryptocurrency or its projects

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1 Comment

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  1. Avatar

    Nimit

    June 6, 2018 at 2:16 AM

    Raj Kundra’s links with a scamster like Amit Bharadwaj. Not surprised. And people like these have made Bitcoin a bad name.”
    You are scammer Raj !!!! Big one Raj Kundra

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Bitcoin

Bitcoin [BTC] will take another 22 years to regain its all-time high, says research analyst

Akash Anand

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'Bitcoin [BTC] will take another 22 years to regain its all-time high', says research analyst
Source: Pixabay

Bitcoin [BTC]’s rise and fall has been a consistent event that has grabbed headlines in the cryptocurrency space. According to the latest financial analysis conducted by UBS research analyst Kevin Dennean, the fans of the cryptocurrency will have to wait for over 22 years to climb back to its earlier heights of $19,000- $20,000.

Dennean made these claims comparing the pattern of Bitcoin and the cryptosphere with the trends of other financial system crashes like the Dow Jones crash of 1929, the NASDAQ slide in 2000 and the Oil tumble of 2008. The UBS analyst pointed to how a lot of the cryptocurrency’s proponents stated that Bitcoin is en route to a bull surge because ‘other assets did that in the past’. He laid the foundation for the delayed rise of Bitcoin by saying:

“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”

Dennean was also of the opinion that not every bubble that bursts recovers its old highs, taking the example of the Nikkei crash, which after 30 years of its fall, has still not managed to reach its earlier peak, currently trading at around half its all-time highs. The Japanese asset price bubble was an inflated economic bubble in the late 80s where the real estate and the stock market prices were greatly volatile. In 1992, the price bubble burst and Japan’s economic machine came to a standstill.



Another figure used by Dennean was the fact that all the asset classes, including Bitcoin, fell by 75 percent with Bitcoin breaching the 80 percent barrier. After the crash, only the Dow Jones and the NASDAQ provided a reprieve to users after rising back to its earlier highs.

At the time of writing, Bitcoin was trading for $5292 with a market cap of $93.423 million. The 24-hour trading volume was clocked at $12.985.





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