Key Highlights
- Raj Kundra granted bail by a Mumbai court in India’s Rs 170 crore GainBitcoin cryptocurrency scam case.
- ED alleges Kundra received 285 Bitcoins from Amit Bhardwaj and is investigating related transactions.
- The court also issued a summons to Dubai-based Rajesh Ram Satija; the investigation into property deals linked to Shilpa Shetty continues.
Businessman Raj Kundra, husband of Bollywood actor Shilpa Shetty, was granted bail on Friday by a special court in Mumbai after appearing in a money laundering case linked to the GainBitcoin cryptocurrency scam.
The Enforcement Directorate (ED) alleges that Kundra received 285 Bitcoins (BTC) from Amit Bhardwaj, the alleged mastermind of the Ponzi scheme, which are currently valued at over Rs 170 crore (~$19.21 million).
The court noted that Kundra had cooperated with the investigation since 2021 and that all relevant documents were already with the agency, as per a local report. Kundra’s lawyer, Prashant Patil, said his client’s custody was not necessary.
Background of the case
This case is linked to a bigger investigation into GainBitcoin, a cryptocurrency investment and mining project that is said to have cheated thousands of investors in India. The scheme, managed by Amit Bhardwaj, promised large profits from Bitcoin mining, but the operations never actually took place.
The ED has claimed that Kundra received proceeds of crime amounting to 285 Bitcoins from Bhardwaj for setting up a Bitcoin mining farm in Ukraine. The deal did not take place, but Kundra is alleged to have retained the Bitcoins.
Allegations against Raj Kundra
According to the ED’s chargesheet:
- Kundra acted as a “beneficial owner” rather than just a mediator.
- Kundra remembered the exact number of Bitcoins received in five tranches seven years ago, which the ED says supports the claim that he was the owner.
- Kundra did not provide the wallet addresses where the 285 Bitcoins were transferred, citing a damaged iPhone X. The ED interprets this as an attempt to destroy evidence.
- A “Term Sheet” agreement was signed between Kundra and Amit Bhardwaj’s father, Mahendra Bhardwaj, contradicting Kundra’s claim of being only a mediator.
- The court, while taking cognizance of the chargesheet, observed that the evidence and witness statements “prima facie shows” that Kundra and Dubai-based businessman Rajesh Satija were involved in an offence under the Prevention of Money Laundering Act (PMLA).
Court proceedings and bail
The special judge handling PMLA cases, R B Rote, had earlier issued a summons to Kundra in January 2026 following the ED’s chargesheet. Kundra appeared before the court and filed a bail plea, which was allowed.
Kundra’s lawyer emphasized that his client had cooperated with the ED’s investigation since 2021 and that the agency already possessed all relevant documents.
Involvement of Shilpa Shetty
The chargesheet also mentions property deals involving five flats in Mumbai’s Juhu area, which are said to be in Shilpa Shetty’s name. The Enforcement Directorate has claimed that these flats were sold for less than their market value, indicating a possible effort to legalize money from the alleged GainBitcoin scam.
Both Raj Kundra and Shilpa Shetty have denied the allegations of Rs 60 crore being circulated against them. Kundra stated, “We categorically deny the baseless and motivated allegations being circulated. The issues sought to be raised are being given a criminal colour without any lawful basis. A Quashing Petition has already been filed before the Hon’ble High Court and is pending adjudication.”
Summing up
This case is part of ongoing efforts by the ED to investigate the GainBitcoin fraud and recover alleged criminal proceeds. Getting bail is an important step for Raj Kundra, but the investigation is still ongoing, and more court hearings will take place.
The court has also summoned Rajesh Ram Satija from Dubai for his alleged role in the case. As the matter moves forward, everyone involved will be required to appear in court, while the Enforcement Directorate continues to examine the financial and cryptocurrency transactions connected to the GainBitcoin scam.
Also Read: India’s ₹640 Cr Crypto Scam: SC Denies Bail, Crackdown Intensifies
