Shares of Viaan Industries rose 8.5 percent intraday on Wednesday after Raj Kundra, husband of Shilpa Shetty and promoter of the company, clarified on the over Rs 2,000 crore Bitcoin scam.
The share had closed at the 20 percent lower circuit on Tuesday after Kundra was interrogated for over 10 hours by the Enforcement Directorate (ED) in connection with the Bitcoin scam.
Kundra was interrogated for his alleged dealings with Amit Bhardwaj, who was arrested two months back in Delhi. Bhardwaj is known as a kingpin of sorts in the cryptocurrency market in India and overseas.
"We suspect certain bitcoin transactions between the main accused Bharadwaj and Kundra. We are investigating Kundra to ascertain if he has gained anything from it," a source at the ED told Moneycontrol.
Kundra said Bhardwaj was interested in buying a team in the poker league run by him. Once a team was allotted to him, Bharadwaj offered to pay for it using Bitcoins.
Bharadwaj's request was declined and led to his contract being terminated, as he had failed to make the payment. Kundra stated that ED wants to make him a witness in the case against Bharadwaj, something he has agreed to do.
Kundra and Shilpa Shetty Kundra hold 25.48 percent and 25.43 percent stake, respectively, in Viaan Industries as on March 31, 2018.
At 10:34 hrs Viaan Industries was quoting Rs 19.70, up Rs 1.30, or 7.07 percent on the BSE.
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