In a major relief for Bollywood-linked businessman Raj Kundra, a Mumbai court approved his bail in the Enforcement Directorate’s Bitcoin Ponzi scheme case. The special PMLA court imposed a Rs 1 lakh surety and barred him from leaving India without approval, balancing his release with investigative needs.
The case traces back to the Gain Bitcoin scam orchestrated by Amit Bhardwaj, who allegedly gave Kundra 285 Bitcoins worth $1 million in 2017 for a proposed Ukraine mining operation that never materialized. ED’s recent chargesheet pegs the current value at Rs 150 crore, justifying asset attachments. But Kundra’s counsel Prashant Patil dismantled this narrative in court.
Patil exposed ED’s ‘selective math,’ noting 2017 prices valued the haul at just Rs 6.6 crore. By using 2024 peaks, investigators artificially boosted the figure, Patil said. He posed a hypothetical: ‘What if market volatility worked against them—would attachments shrink accordingly?’ Such practices undermine justice, he asserted, insisting valuation must reflect the crime’s era, not hindsight gains.
Kundra has faced years of scrutiny, cooperating fully since 2018 without absconding. Bail underscores his compliance record. Legal experts see this as a rebuke to ED’s aggressive tactics in crypto cases. As proceedings continue, Kundra’s side gears up for High Court battles over summons, potentially reshaping money laundering pursuits in digital assets.
The Gain Bitcoin fraud, one of India’s largest, swindled investors of thousands of crores through fake trading promises. Kundra’s involvement remains contested, hinging on these valuation disputes.