Businessman Raj Kundra has been granted bail by a Mumbai PMLA court in the alleged Gain Bitcoin scam case. The ED claims he received 285 Bitcoins worth over Rs 150 crore as part of the crypto fraud investigation.
Businessman Raj Kundra on Friday got bail from a special court in Mumbai under the Prevention of Money Laundering Act (PMLA) in connection with an alleged Bitcoin scam case. He was seen reaching the court earlier in the day before the order was passed.
However, this relief comes months after the special PMLA court had observed in January that there was enough prima facie material to continue proceedings against him. The court had then issued summons, stating that there were sufficient grounds to proceed for offences punishable under the anti-money laundering law.
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The case goes back to April 2024, when the Enforcement Directorate (ED) attached properties worth ₹97.79 crore belonging to Raj Kundra and his wife, actor Shilpa Shetty. The agency alleged that the couple had collected large sums of money in the form of Bitcoins from investors.
According to the ED, investors were allegedly attracted with promises of 10% returns in Bitcoin investments. The agency claimed that Kundra received 285 Bitcoins from Amit Bharadwaj, who is said to be the mastermind behind the Gain Bitcoin Ponzi Scam. As per the investigation, these Bitcoins were reportedly given to Kundra for setting up a Bitcoin mining farm in Ukraine.
The ED further alleged that the mining project never took off. Despite the venture not being completed, Kundra allegedly continued to hold 285 Bitcoins, which are currently valued at more than ₹150 crore. This, according to the agency, forms part of the alleged proceeds of crime under the PMLA.
In its charge sheet, the prosecution stated that Kundra claimed he had acted only as a middleman in the transaction. However, the agency said he failed to produce
“any underlying documentary evidence to prove the same”.
The investigation pointed to a “Term Sheet” agreement signed between him and Mahendra Bhardwaj. The charge sheet stated,
“Thus, it can be safely concluded that the agreement was actually between Raj Kundra and Amit Bhardwaj (his father Mahender Bhardwaj) and the argument given by Kundra that he acted as a mere mediator is not tenable,”
The prosecution also highlighted that Kundra clearly remembered the exact number of Bitcoins received in five separate tranches, even after more than seven years since the transactions. According to the charge sheet, this
“solidifies the fact that he was indeed the recipient of Bitcoins as a beneficial owner and not acted merely as a mediator.”
The ED further alleged that since 2018, Kundra had been given multiple chances to disclose the wallet addresses where the 285 Bitcoins were transferred. However, he allegedly failed to provide the details.
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The agency claimed that he cited damage to his iPhone X as the reason for not being able to share the wallet information. The prosecution viewed this explanation as an attempt to destroy evidence and hide the alleged proceeds of crime.
The case will now proceed before the special PMLA court in Mumbai, where evidence and arguments from both sides will be examined in detail. While bail has been granted at this stage, the court has already indicated that there is enough material on record to continue the trial under the anti-money laundering law.
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