In a significant development in India’s cryptocurrency fraud saga, a Mumbai PMLA court summoned Raj Kundra linked to the infamous Gain Bitcoin ponzi scheme. Alongside Dubai businessman Rajesh Satija, Kundra must now face judicial scrutiny following ED’s detailed chargesheet.
The agency accuses Kundra of receiving 285 Bitcoins from Amit Bhardwaj, the scam’s architect, intended for a Ukraine-based mining operation that never materialized. Current market value exceeds ₹150 crore, with ED alleging these assets remain under Kundra’s control.
Dismissing Kundra’s middleman defense, ED highlights a binding term sheet and his uncanny memory of transaction details spanning years. Refusal to share wallet info, blamed on a broken phone, is seen as obstruction of justice.
This case underscores the shadowy intersections of Bollywood glamour and crypto crime. As summons are served, investors defrauded in the multibillion-rupee scam await accountability. The judiciary’s move signals a crackdown on money laundering through digital currencies.