The Enforcement Directorate (ED) in September 2025 filed a supplementary prosecution complaint (chargesheet) against businessman Ripu Sudan Kundra, alias Raj Kundra, alleging that he is the beneficial owner of 285 Bitcoins valued by the ED at ₹150.47 crore as on 16 April 2024 (₹52.79 lakh per bitcoin; this is the agency’s valuation date, not a live market price) (about $18 million at then-prevailing rates), which he allegedly received from late crypto scam promoter Amit Bhardwaj, in connection with a PMLA money laundering case linked to the GainBitcoin scheme.
No standalone press release on this September 2025 supplementary complaint naming Kundra was found on the official ED website at the time of this update (5 September 2026). The chargesheet contents below are taken from the ED complaint as reported by PTI via The Hindu.
The chargesheet, filed before a special Prevention of Money Laundering Act (PMLA) court in Mumbai, accuses Kundra of concealing evidence, withholding information, and attempting to disguise proceeds of crime as legitimate funds. These are ED allegations and have not been proved in court.
ED: Kundra Was Beneficial Owner, Not a Mediator
According to the chargesheet, Kundra’s claim that he acted merely as a mediator in the transaction is “not tenable.” The ED said the agreement titled “Term Sheet” was signed between Kundra and Mahender Bhardwaj, father of Amit Bhardwaj, which the agency says establishes that Kundra was directly involved and not just a facilitator. Kundra has said he acted as a mediator, including for an Israeli acquaintance, and did not provide documentary proof that satisfied the ED.
The agency pointed out that Kundra clearly remembers receiving the 285 Bitcoins in five separate tranches, even after more than seven years, strengthening the ED’s argument that he was indeed the beneficial owner of the digital assets.
285 Bitcoins From Ponzi Scam Mastermind
The money laundering case goes back to multiple FIRs filed by the Maharashtra and Delhi Police against Variable Tech Private Limited, Amit Bhardwaj, and his family members — Ajay, Vivek, Simpy, and Mahender Bhardwaj. They’re accused of running the Gain Bitcoin Ponzi scheme, which drew in investors by promising massive returns from Bitcoin mining but ultimately cheated them.
The Enforcement Directorate alleged that Raj Kundra received 285 Bitcoins in 2017 from GainBitcoin promoter Amit Bhardwaj for setting up a Bitcoin mining farm in Ukraine. The deal never materialised, and Kundra continued to hold the Bitcoins, which the ED valued at ₹150.47 crore as on 16 April 2024, calculated at ₹52.79 lakh per Bitcoin.
A special PMLA court later took cognisance of the ED’s second supplementary prosecution complaint against Kundra and Rajesh Ram Satija, observing that the material on record prima facie showed their involvement in money laundering under Section 3 of the PMLA, and ordered issuance of process. The Economic Times reported this on 7 January 2026 (last updated 11:56 PM IST).
The agency also alleged that instead of surrendering these Bitcoins, Kundra concealed key evidence, including wallet addresses, and did not cooperate with the investigation despite multiple opportunities since 2018. Kundra’s lawyers have later said he appeared before the ED over several years and was not arrested in this probe.
Evidence Concealment and Dealings With Shilpa Shetty
The chargesheet also accuses Raj Kundra of trying to hide key evidence. He allegedly told investigators that his iPhone X, which contained key wallet details, was damaged soon after his initial statement. The ED believes this was a deliberate attempt to hide the proceeds of crime.
In addition, the agency said Kundra carried out a “genuine transaction” with his actor wife Shilpa Shetty at a price “far below market rate” to disguise the origin of funds obtained through criminal activities. The ED argues that this was part of a larger attempt to layer the proceeds of crime and present them as untainted assets.
Indian Express reported the ED’s further claim of a “sale” of five Juhu flats without a change in ownership, with about ₹38 crore shown as paid by Shetty, of which ₹24.9 crore went into a joint account. The couple have denied the allegations and challenged related property attachment in the High Court.
In 2024, the ED provisionally attached assets of about ₹97.78 crore, including the Juhu flats and a Pune bungalow; reports say the PMLA Adjudicating Authority confirmed attachments in August 2025. Attachment is not a finding of guilt.
Case Linked to Gain Bitcoin Scam
The Gain Bitcoin scam, run by Amit Bhardwaj, was one of India’s largest crypto frauds. Investors were lured with promises of huge profits from Bitcoin mining, but in the end, they were duped, police and the ED allege. The ill-gotten Bitcoins were allegedly hidden in obscure wallets, and Kundra’s involvement is now a part of the ED’s case. He has not been convicted.
Apart from Kundra, businessman Rajesh Satija (described in September 2025 reports as Delhi-based and in later reports as Dubai-based) has also been named in the chargesheet. The ED maintains that Kundra’s actions, from withholding wallet addresses to structuring transactions, were aimed at frustrating legal proceedings under PMLA.
What Happened after the Chargesheet
5 January 2026: Special Judge R.B. Rote, Special PMLA court, Mumbai, took cognisance and issued summons to Kundra and Satija for 19 January 2026, holding there was prima facie material under PMLA Sections 3 and 4.
20 February 2026: After Kundra appeared, the special court granted him bail. Reports said ₹1 lakh surety and prior permission for foreign travel. He was not arrested in this probe.
28 July 2026: Bombay High Court (Justice Ashwin Bhobe) issued notice to the ED on Kundra’s challenge to the 5 January 2026 cognisance/summons order, citing BNSS Section 223(1). Hearing listed for 6 August 2026.
As of 5 September 2026, no conviction in this PMLA case has been reported.
Disclaimer: This article reports on publicly available information from the ED supplementary complaint as reported by PTI, and from later court reporting. An official ED website press release for the September 2025 complaint against Raj Kundra was not located. All allegations described herein are those made by investigative authorities and have not been adjudicated by a court of law. Entities and individuals named are presumed innocent unless and until proven guilty.
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