A special court in Mumbai has issued summons to businessman Raj Kundra, directing him to appear in connection with a high-profile Bitcoin ponzi scheme investigation led by the Enforcement Directorate (ED). The court's order marks a significant development in the case where Kundra is named as an accused.
Court Order and Allegations
On Monday, Special Judge R B Rote took cognizance of a supplementary chargesheet and ordered the issuance of process against Kundra and another accused, Rajesh Ram Satija. The court has summoned both individuals to appear before it on January 19, 2026. The case has been registered under Section 3, punishable under Section 4 of the Prevention of Money Laundering Act (PMLA), 2002.
The ED's case originates from an investigation into Amit Bhardwaj, the promoter of GainBitcoin, who is alleged to have duped investors by promising high returns on cryptocurrency mining investments. In a supplementary chargesheet filed in September, the ED named Kundra and Satija as accused.
The Core of the ED's Case Against Kundra
The central allegation by the probe agency is that Raj Kundra received 285 Bitcoins from Amit Bhardwaj, which the ED categorizes as "proceeds of crime." At the relevant time in 2018, this cryptocurrency haul was valued at approximately Rs 150 crore.
Kundra, in his statement to the agency, claimed that Bhardwaj had initially contacted him via social media, leading to discussions about Bitcoin. He maintained that he merely acted as a mediator for the transfer of the 285 Bitcoins on behalf of an Israeli friend. However, the ED has contested this defense, asserting that Kundra provided no proof to substantiate his claim of acting as an intermediary.
Further complicating Kundra's position, the ED alleged that he failed to divulge the wallet addresses necessary to trace the Bitcoins. Kundra informed the agency that the iPhone X he was using in 2018 was damaged, hindering the recovery of such details.
Property Attachments and Alleged Shielding
In a related action, the ED has provisionally attached assets worth Rs 97.78 crore linked to Kundra. This includes:
- Five residential flats in Juhu, valued at Rs 82.71 crore, owned by Kundra and his wife, actor Shilpa Shetty.
- A residential bungalow in Pune near Pawna Dam, valued at Rs 11.11 crore.
The agency has made a further serious allegation regarding the Juhu flats. It claims that Kundra and Shilpa Shetty entered into a "sale transaction" of these properties without any genuine change in ownership. The ED's chargesheet suggests that money was sent by Shetty to Kundra's joint account in an attempt to shield the flats from potential attachment by the authorities.
The court's summons sets the stage for the next legal chapter in this complex financial case, intertwining the worlds of cryptocurrency, alleged fraud, and high-profile personalities.
