Business tycoon Raj Kundra emerged from a Mumbai courtroom victorious, securing bail in the sprawling Gain Bitcoin Ponzi scheme case under the Prevention of Money Laundering Act (PMLA). The 49-year-old entrepreneur, married to star Shilpa Shetty, wasted no time in addressing the frenzy surrounding his arrest.
With a defiant tone, Kundra told reporters, ‘Since I committed no wrongdoing, bail was a given. Thanks to the Lord’s benevolence, justice has been served.’ His words resonated as a bold rebuttal to months of scrutiny.
Lashing out at sensationalized coverage, he remarked, ‘The case was exaggerated beyond reason by the media. I trust India’s legal framework entirely – truth triumphs in the end.’
On the maskless court appearance that sparked memes and debates, Kundra reflected philosophically: ‘Those were chaotic days with my head full of thoughts. My masks are gone now; next, we’ll see others’ facades drop.’
At the heart of the probe is an alleged 2017 transaction where scam architect Amit Bhardwaj transferred 285 Bitcoins to Kundra for a proposed Ukraine-based mining operation that never materialized. ED alleges these digital assets, worth ₹150 crore today, remain in Kundra’s possession, fueling money laundering charges.
Defense counsel Prashant Patil demolished the prosecution’s valuation, insisting on a 2017 benchmark price yielding just ₹6.6 crore. ‘ED’s current market cherry-picking defies legal norms,’ he argued successfully.
The PMLA court granted conditional bail: a ₹1 lakh personal bond and restrictions on international travel without approval. This decision highlights tensions in crypto regulation as India grapples with blockchain frauds.
Kundra’s release reignites debates on fair valuation in digital asset cases. With supplementary chargesheet filed, the battle shifts to substantive hearings, promising deeper insights into one of India’s largest crypto scams.