The Enforcement Directorate (ED) has provisionally attached properties worth Rs. 97.79 crore belonging to businessman Raj Kundra and actress Shilpa Shetty under the Prevention of Money Laundering Act (PMLA), 2002. The attached assets include a residential flat and bungalow, as well as equity shares held by Kundra. The ED claims these properties were purchased using proceeds from the criminal activity, further implicating Kundra as a key player in the scheme.
Enforcement Directorate Attaches Assets Worth Rs. 97.79 Crore Belonging to Raj Kundra and Shilpa Shetty in Money Laundering Case
Background
On July 19, 2021, Bollywood actress Shilpa Shetty's husband, businessman Raj Kundra, was arrested by the Mumbai Police for his alleged involvement in making and distributing pornographic films through an app called "Hotshots." The arrest led to a series of investigations by various agencies, including the Enforcement Directorate (ED).
ED's Investigation
The ED, which is responsible for investigating money laundering cases, initiated a probe into Kundra's financial transactions. The agency found that Kundra and Shetty had allegedly purchased properties using proceeds from the illegal activities related to the pornographic films.
Attachment of Assets
On March 16, 2023, the ED provisionally attached properties worth Rs. 97.79 crore belonging to Kundra and Shetty under the Prevention of Money Laundering Act (PMLA). The attached assets include:
Allegations
The ED alleges that Kundra and Shetty used a complex web of shell companies and financial transactions to launder the proceeds from their illegal activities. The agency believes that the attached properties were purchased using these laundered funds.
Top 5 FAQs
1. What is Money Laundering?
Money laundering is the process of concealing or disguising the origins of illegally obtained money. It involves moving the money through various financial transactions to make it appear legitimate.
2. What is the Enforcement Directorate?
The Enforcement Directorate is a specialized financial investigation agency in India that investigates money laundering and other related offenses.
3. What are the Allegations Against Raj Kundra and Shilpa Shetty?
Kundra and Shetty are accused of using the proceeds from the distribution of pornographic films to purchase properties. The ED alleges that these properties were purchased through shell companies and financial transactions designed to conceal the origins of the money.
4. What is the Status of the Case?
The investigation is ongoing. The ED has provisionally attached the assets but has not yet filed a chargesheet against Kundra and Shetty.
5. What are the Potential Consequences?
If convicted, Kundra and Shetty could face imprisonment and fines under the PMLA. The ED could also seek forfeiture of the attached assets.
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